63M-1-1203 - Definitions.
63M-1-1203. Definitions.
As used in this part:
(1) "Board" means the Utah Capital Investment Board.
(2) "Certificate" means a contract between the board and a designated investor underwhich a contingent tax credit is available and issued to the designated investor.
(3) (a) Except as provided in Subsection (3)(b), "claimant" means a resident ornonresident person.
(b) "Claimant" does not include an estate or trust.
(4) "Commitment" means a written commitment by a designated purchaser to purchasefrom the board certificates presented to the board for redemption by a designated investor. Eachcommitment shall state the dollar amount of contingent tax credits that the designated purchaserhas committed to purchase from the board.
(5) "Contingent tax credit" means a contingent tax credit issued under this part that isavailable against tax liabilities imposed by Title 59, Chapter 7, Corporate Franchise and IncomeTaxes, or Title 59, Chapter 10, Individual Income Tax Act, if there are insufficient funds in theredemption reserve and the board has not exercised other options for redemption underSubsection 63M-1-1220(3)(b).
(6) "Corporation" means the Utah Capital Investment Corporation created under Section63M-1-1207.
(7) "Designated investor" means:
(a) a person who makes a private investment; or
(b) a transferee of a certificate or contingent tax credit.
(8) "Designated purchaser" means:
(a) a person who enters into a written undertaking with the board to purchase acommitment; or
(b) a transferee who assumes the obligations to make the purchase described in thecommitment.
(9) "Estate" means a nonresident estate or a resident estate.
(10) "Person" means an individual, partnership, limited liability company, corporation,association, organization, business trust, estate, trust, or any other legal or commercial entity.
(11) "Private investment" means:
(a) an equity interest in the Utah fund of funds; or
(b) a loan to or other debt obligation from the Utah fund of funds.
(12) "Redemption reserve" means the reserve established by the corporation to facilitatethe cash redemption of certificates.
(13) "Taxpayer" means a taxpayer:
(a) of an investor; and
(b) if that taxpayer is a:
(i) claimant;
(ii) estate; or
(iii) trust.
(14) "Trust" means a nonresident trust or a resident trust.
(15) "Utah fund of funds" means a limited partnership or limited liability companyestablished under Section 63M-1-1213 in which a designated investor purchases an equityinterest.
Amended by Chapter 18, 2008 General Session
Renumbered and Amended by Chapter 382, 2008 General Session