63M-1-2407 - Reports of new state revenues, partial rebates, and tax credits.
63M-1-2407. Reports of new state revenues, partial rebates, and tax credits.
(1) Before December 1 of each year, the office shall submit a report to the Governor'sOffice of Planning and Budget, the Office of Legislative Fiscal Analyst, and the Division ofFinance identifying:
(a) (i) the total estimated amount of new state revenues created from new commercialprojects in the development zones; and
(ii) the estimated amount of new state revenues from new commercial projects in thedevelopment zones that will be generated from:
(A) sales tax;
(B) income tax; and
(C) corporate franchise and income tax;
(b) (i) the total estimated amount of partial rebates as defined in Section 63M-1-2408that the office projects will be required to be paid in the next fiscal year; and
(ii) the estimated amount of partial rebates as defined in Section 63M-1-2408 that areattributable to:
(A) sales tax;
(B) income tax; and
(C) corporate franchise and income tax; and
(c) the total estimated amount of tax credits that the office projects that business entities,local government entities, or community development and renewal agencies will qualify to claimunder this part.
(2) By the first business day of each month, the office shall submit a report to theGovernor's Office of Planning and Budget, the Office of Legislative Fiscal Analyst, and theDivision of Finance identifying:
(a) each new agreement entered into by the office since the last report;
(b) the estimated amount of new state revenues that will be generated under eachagreement; and
(c) the estimated amount of tax credits that a business entity, local government entity, orcommunity development and renewal agency could qualify for under each agreement.
Amended by Chapter 164, 2010 General Session