63M-1-2803 - Definitions.
63M-1-2803. Definitions.
As used in this part:
(1) (a) "Alternative energy"means:
(i) renewable energy that is derived from solar, wind, geothermal, biomass, orhydroelectric sources; and
(ii) petroleum coke, shale oil, nuclear fuel, tar sands, or oil-impregnated diatomaceousearth.
(b) "Alternative energy" does not mean conventional natural gas or petroleum.
(2) "Alternative energy development zone" means an alternative energy developmentzone created under Section 63M-1-2804.
(3) "Alternative energy project" means a development opportunity that involves:
(a) utility-scale alternative energy generation;
(b) the extraction of alternative fuels; or
(c) manufacturing of equipment used directly in alternative energy generation.
(4) "Business entity" means a person that:
(a) conducts business in Utah; and
(b) enters into an agreement with the office that qualifies the person to receive a taxcredit under Section 59-7-614.2 or 59-10-1107.
(5) "High paying jobs" means the annual wages of employment positions in a businessentity that compare favorably against the average wage of a community in which the employmentpositions will exist.
(6) "New incremental jobs" means employment positions that are:
(a) not shifted from one jurisdiction in the state to another jurisdiction in the state; and
(b) created in addition to the baseline count of employment positions that existed withinthe business entity before the new commercial project.
(7) "New state revenues" means:
(a) incremental new state sales and use tax revenues generated as a result of analternative energy project in an alternative energy development zone that a business entity paysunder Title 59, Chapter 12, Sales and Use Tax Act;
(b) incremental new state tax revenues that a business entity pays as a result of analternative energy project in an alternative energy development zone under:
(i) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
(ii) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability andInformation;
(iii) Title 59, Chapter 10, Part 2, Trusts and Estates;
(iv) Title 59, Chapter 10, Part 4, Withholding of Tax; or
(v) a combination of Subsections (7)(b)(i) through (7)(b)(iv);
(c) incremental new state tax revenues generated as individual income taxes under Title59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information, paid byemployees of the new commercial project as evidenced by payroll records from the businessentity; or
(d) a combination of Subsections (7)(a) through (7)(c).
(8) "Office" means the Governor's Office of Economic Development.
(9) "Tax credit" means an economic development tax credit created by Section59-7-614.2 or 59-10-1107.
(10) "Tax credit amount" means the amount the office lists as a tax credit on a tax creditcertificate for a taxable year.
(11) "Tax credit certificate" means a certificate issued by the office that:
(a) lists the name of the applicant;
(b) lists the applicant's taxpayer identification number;
(c) lists the amount of the tax credit that the office awards the applicant for a taxableyear; and
(d) may include other information as determined by the office.
Amended by Chapter 45, 2010 General Session