§ 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