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Governor's Programs | |
Governor's Office of Economic Development | |
Section 402 | Definitions. |
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63M-1-402. Definitions. As used in this part: (1) "Business entity" means an entity, sole proprietorship, or individual: (a) including a claimant, estate, or trust; and (b) under which or by whom business is conducted or transacted. (2) "Claimant" means a resident or nonresident person that has: (a) Utah taxable income as defined in Section 59-7-101; or (b) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information. (3) "County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63M-1-404. (4) "Estate" means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates. (5) "Municipal applicant" means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63M-1-404. (6) "New full-time employee position" means a position that has been newly created and then filled by an employee working at least 30 hours per week: (a) for a period of not less than six consecutive months; and (b) where the period ends in the tax year for which the credit is claimed. (7) "Nonrefundable tax credit" or "tax credit" means a tax credit that a business entity may: (a) claim: (i) as provided by statute; and (ii) in an amount that does not exceed the business entity's tax liability for a taxable year under: (A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or (B) Title 59, Chapter 10, Individual Income Tax Act; and (b) carry forward or carry back: (i) if allowed by statute; and (ii) to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under: (A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or (B) Title 59, Chapter 10, Individual Income Tax Act. (8) "Tax incentives" or "tax benefits" means the nonrefundable tax credits described in Section 63M-1-413. (9) "Trust" means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.
Amended by Chapter 84, 2011 General Session |
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