{"data":{"id":"us-ut/utah-code-63n-4-304","jurisdiction":"us-ut","citation":"Utah Code § 63N-4-304","heading":"Tax credit.","body":"(1) On the closing date, a claimant whose affidavit was included in an approved application submitted under Section 63N-4-303 shall earn a vested tax credit equal to the amount of the claimant's credit-eligible capital contribution to the rural investment company.\n(2) In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall:\n(a) issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant's total credit-eligible capital contribution; and\n(b) provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsection (2)(a) and the tax credit amount listed on the certificate.\n(3)\n(a) A claimant may not claim a tax credit under this section unless the claimant has a tax credit certificate issued by the office.\n(b) A claimant claiming a credit under this section shall retain a tax credit certificate the claimant receives from the office for the same time period a person is required to keep books and records under Section 59-1-1406.\n(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules describing:\n(a) the documentation requirements for a business entity to receive a tax credit certificate under this section; and\n(b) administration of the program, including relevant timelines and deadlines.","path":["Title 63N Economic Opportunity Act","Chapter 63N-4 Rural Development Act","Part 63N-4-3 Utah Rural Jobs Act"],"source_url":"https://le.utah.gov/xcode/Title63N/Chapter4/63N-4-S304.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:34Z","sha256":"41c1bf760a908c21a4de67150640198010df0a02e3f97b4cbcdded16b3679ee4","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-63n-4-303","next":"us-ut/utah-code-63n-4-305"},"notice":"GroundRules: Original legal text. Not legal advice."}