§ 63M-1-3510. Reporting. (Effective 9/2/2014)

(1) A qualified community development entity that issues qualified equity investments shall submit a report to the office within the first five business days after the first anniversary of the initial credit allowance date that provides documentation as to the investment of 85% of the purchase price in qualified low-income community investments in qualified active low-income community businesses located in Utah. The report shall include:

(a) a bank statement of the qualified community development entity evidencing each qualified low-income community investment; and

(b) evidence that the business was a qualified active low-income community business at the time of the qualified low-income community investment.

(2) After the initial report under Subsection (1), a qualified community development entity shall submit an annual report to the office within 60 days of the beginning of the calendar year during the compliance period. An annual report is not due before the first anniversary of the initial credit allowance date. The annual report shall include the following:

(a) the number of employment positions created and retained as a result of qualified low-income community investments;

(b) the average annual salary of positions described in Subsection (2)(a); and

(c) certification from the qualified community development entity that the grounds for recapture under Section 63M-1-3504 have not occurred.

Enacted by Chapter 435, 2014 General Session