63M-1-501 - Definitions.
63M-1-501. Definitions.
As used in this part:
(1) "Allocated cap amount" means the total amount of the targeted business income taxcredit that a business applicant is allowed to claim for a taxable year that represents a pro ratashare of the total amount of $300,000 for each fiscal year allowed under Subsection63M-1-504(2).
(2) "Business applicant" means a business that:
(a) is a:
(i) claimant;
(ii) estate; or
(iii) trust; and
(b) meets the criteria established in Section 63M-1-503.
(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) "Community investment project" means a project that includes one or more of thefollowing criteria in addition to the normal operations of the business applicant:
(a) substantial new employment;
(b) new capital development; or
(c) a combination of both Subsections (4)(a) and (b).
(5) "Community investment project period" means the total number of years that theoffice determines a business applicant is eligible for a targeted business income tax credit foreach community investment project.
(6) "Enterprise zone" means an area within a county or municipality that has beendesignated as an enterprise zone by the office under Part 4, Enterprise Zone Act.
(7) "Estate" means a nonresident estate or a resident estate.
(8) "Local zone administrator" means a person:
(a) designated by the governing authority of the county or municipal applicant as thelocal zone administrator in an enterprise zone application; and
(b) approved by the office as the local zone administrator.
(9) "Refundable tax credit" or "tax credit" means a tax credit that a claimant, estate, ortrust may claim:
(a) as provided by statute; and
(b) regardless of whether, for the taxable year for which the claimant, estate, or trustclaims the tax credit, the claimant, estate, or trust has a tax liability under:
(i) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
(ii) Title 59, Chapter 10, Individual Income Tax Act.
(10) "Targeted business income tax credit" means a refundable tax credit available underSection 63M-1-504.
(11) "Targeted business income tax credit eligibility form" means a document providedannually to the business applicant by the office that complies with the requirements ofSubsection 63M-1-504(8).
(12) "Trust" means a nonresident trust or a resident trust.
Renumbered and Amended by Chapter 382, 2008 General Session