63M-1-501.   Definitions.
     As used in this part:
     (1) "Allocated cap amount" means the total amount of the targeted business income tax credit that a business applicant is allowed to claim for a taxable year that represents a pro rata share of the total amount of $300,000 for each fiscal year allowed under Subsection 63M-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 or nonresident person.
     (b) "Claimant" does not include an estate or trust.
     (4) "Community investment project" means a project that includes one or more of the following 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 the office determines a business applicant is eligible for a targeted business income tax credit for each community investment project.
     (6) "Enterprise zone" means an area within a county or municipality that has been designated 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 the local 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, or trust may claim:
     (a) as provided by statute; and
     (b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims 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 under Section 63M-1-504.
     (11) "Targeted business income tax credit eligibility form" means a document provided annually to the business applicant by the office that complies with the requirements of Subsection 63M-1-504(8).
     (12) "Trust" means a nonresident trust or a resident trust.

Renumbered and Amended by Chapter 382, 2008 General Session
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Last revised: Thursday, May 28, 2009