§ 35A-5-305. Tax credit certificate. (Effective 5/13/2014)

(1) An employer shall provide written notice to the department within 10 days after the date the employer meets the wage requirement as provided in the participation agreement described in Section 35A-5-304.

(2) The department shall determine whether an employer has met the requirements of the participation agreement under Section 35A-5-304 to receive a tax credit certificate:

(a) after the employer provides the written notice described in Subsection (1) to the department; and

(b) no later than 60 days after the date that the employer provides the department unemployment insurance wage information:

(i) for the person who is homeless;

(ii) as required by Subsection 35A-4-305(8); and

(iii) for each calendar quarter during which the employer pays wages to meet the wage requirement.

(3) Subject to the other provisions of this section, if the department determines that an employer has met the requirements of the participation agreement under Section 35A-5-304 to receive a tax credit certificate, the department may issue a tax credit certificate to the employer.

(4) A tax credit certificate under this section:

(a) shall list the amount of tax credit allowable for the taxable year in an amount that does not exceed $2,000;

(b) shall list the name and federal employer number of the employer;

(c) shall list the name, Social Security identification number, and current address of the person who is homeless with respect to whom the employer has met the wage requirement; and

(d) may include any other information required by the department.

(5) Subject to Subsections (6) and (7), the department shall issue tax credit certificates under this section in the order that the department receives the written notice described in Subsection (1).

(6) The department may not issue tax credit certificates that total more than $100,000 in a fiscal year.

(7)

(a) Subject to Subsection (7)(b), if the department would have issued tax credit certificates that total more than $100,000 in a fiscal year but for the limit provided in Subsection (6), the department shall issue the tax credit certificates that exceed $100,000 in the next fiscal year.

(b) If the department issues tax credit certificates in accordance with Subsection (7)(a):

(i) the tax credit certificates may not total more than $100,000; and

(ii) the department may not issue tax credit certificates for an amount that exceeds the limit described in Subsection (7)(b)(i) in a future fiscal year.

(8) The department shall provide a copy of a tax credit certificate the department issues under this section to the State Tax Commission.

Enacted by Chapter 315, 2014 General Session