§ 63M-1-2908. Agreement between tax credit applicant and office -- Tax credit certificate.

(1)

(a) Except as provided in Subsection 63M-1-2903(3)(b), for each quarter of a fiscal year after fiscal year 2011-12, the office shall allocate:

(i) 25% of the total amounts made available for allocation in accordance with Section 63M-1-2903 for the tax credits under Sections 59-7-614.6 and 59-10-1109; and

(ii) 25% of the amounts made available for allocation in accordance with Section 63M-1-2903 for the tax credit under Section 59-10-1025.

(b) Subject to the other provisions of this part, the office, with advice from the board, shall determine quarterly:

(i) the tax credit applicant or applicants to which a tax credit certificate may be provided; and

(ii) the amount of tax credit a tax credit applicant may receive.

(2) The office, with advice from the board, may enter into an agreement to grant a tax credit certificate to a tax credit applicant selected in accordance with this part, if the tax credit applicant meets the conditions established in the agreement and under this part.

(3) The agreement described in Subsection (2) shall:

(a) detail the requirements that the tax credit applicant shall meet prior to receiving a tax credit certificate;

(b) require the tax credit certificate recipient to retain records supporting a claim for a tax credit for at least four years after the tax credit certificate recipient claims a tax credit under this part; and

(c) require the tax credit certificate recipient to submit to audits for verification of the tax credit claimed, including audits by the office and by the State Tax Commission.

Amended by Chapter 423, 2012 General Session