Utah § 59-10-1034 - Nonrefundable high cost infrastructure development tax credit.
Full text of Utah Utah Code § 59-10-1034 — Nonrefundable high cost infrastructure development tax credit., with citation guidance and answers to common questions.
§ 59-10-1034. Nonrefundable high cost infrastructure development tax credit.
Effective 1/1/2025 59-10-1034.
Nonrefundable high cost infrastructure development tax credit.
(1)
As used in this section:
(a)
"High cost infrastructure project" means the same as that term is defined in Section 79-6-602.
(b)
"Infrastructure cost-burdened entity" means the same as that term is defined in Section 79-6-602.
(c)
"Infrastructure-related revenue" means the same as that term is defined in Section 79-6-602.
(d)
"Office" means the Office of Energy Development created in Section 79-6-401.
(2)
(a)
Subject to the other provisions of this section, a claimant, estate, or trust that is an infrastructure cost-burdened entity may claim a nonrefundable tax credit for development of a high cost infrastructure project as provided in this section.
(b)
A claimant, estate, or trust that is an infrastructure cost-burdened entity may not claim a tax credit under this section and under Section 59-5-305 using the same tax credit certificate.
An infrastructure cost-burdened entity may carry forward a tax credit under this section for a period that does not exceed the next seven taxable years if:
(a)
the infrastructure cost-burdened entity is allowed to claim a tax credit under this section for a taxable year; and
(b)
the amount of the tax credit exceeds the infrastructure cost-burdened entity's tax liability under this chapter for that taxable year.
(5)
(a)
(i)
To assist the Revenue and Taxation Interim Committee with the review required by Section 59-10-137, the office shall provide the following information, if available to the office, to the Office of the Legislative Fiscal Analyst:
(A)
the amount of tax credit that the office grants to each infrastructure cost-burdened entity for each taxable year;
(B)
the infrastructure-related revenue generated by each high cost infrastructure project;
(C)
the information contained in the office's latest report under Section 79-6-605; and
(D)
any other information that the Office of the Legislative Fiscal Analyst requests.
(ii)
In providing the information described in Subsection (5)(a)(i), the office shall redact information that identifies a recipient of a tax credit under this section.
(iii)
If, notwithstanding the redactions made under Subsection (5)(a)(ii), reporting the information described in Subsection (5)(a)(i) might disclose the identity of a recipient of a tax credit, the office may file a request with the Revenue and Taxation Interim Committee to provide the information described in Subsection (5)(a)(i) in the aggregate for all infrastructure cost-burdened entities that receive the tax credit under this section.
(b)
The Office of the Legislative Fiscal Analyst shall report to the Revenue and Taxation Interim Committee a summary and analysis of the information provided to the Office of the Legislative Fiscal Analyst by the office under Subsection (5)(a).
Amended by Chapter 159, 2025 General Session Amended by Chapter 292, 2025 General Session
Frequently Asked Questions About Utah § 59-10-1034
What does Utah Code § 59-10-1034 cover?
Section 59-10-1034 ("Nonrefundable high cost infrastructure development tax credit.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 59-10-1034?
A common citation format is "Utah Code § 59-10-1034" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 59-10-1034 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
