2006 Utah Code - 63-38f-1305 — Qualifications for credits and rebates.

     63-38f-1305.   Qualifications for credits and rebates.
     The office shall set standards to qualify for partial rebates under this part, subject to the following:
     (1) no partial rebates may be paid prior to verification, by the office, of the new state revenues upon which the tax rebate is based;
     (2) partial rebates can only be paid on projects that are within the development zone;
     (3) partial rebates can only be paid on projects that bring new, incremental jobs to the state;
     (4) qualifying projects must involve direct investment within the geographic boundaries of the development zone;
     (5) only aerospace and aviation industry projects, as defined by board rule made in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, are eligible for partial rebates; and
     (6) in order to claim payments representing partial rebates of new state revenues, a person must:
     (a) enter into an office-approved agreement with the office and affirm by contractual agreement to keep supporting records for at least four years after final payment of partial rebates under this part;
     (b) submit to audits for verification of the amounts claimed; and
     (c) comply with other conditions as are required by the office.

Amended by Chapter 52, 2006 General Session