Utah § 59-10-1107 - Refundable economic development tax credit.
Full text of Utah Utah Code § 59-10-1107 — Refundable economic development tax credit., with citation guidance and answers to common questions.
§ 59-10-1107. Refundable economic development tax credit.
Effective 5/6/2026 59-10-1107.
Refundable economic development tax credit.
(1)
As used in this section:
(a)
"Business entity" means a claimant, estate, or trust that meets the definition of "business entity" as defined in Section 63N-2-103.
(b)
"Incremental job" means the same as that term is defined in Section 63N-1a-102.
(c)
"New state revenue" means the same as that term is defined in Section 63N-1a-102.
(d)
"Office" means the Governor's Office of Economic Development created in Section 63N-1a-301.
(2)
Subject to the other provisions of this section, a business entity may claim a refundable tax credit for economic development.
(3)
The tax credit under this section is the amount listed as the tax credit amount on the tax credit certificate that the office issues to the business entity for the taxable year.
(4)
(a)
In accordance with any rules prescribed by the commission under Subsection (4)(b), the commission shall make a refund to a business entity that claims a tax credit under this section if the amount of the tax credit exceeds the business entity's tax liability for a taxable year.
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 Revenue and Taxation Interim Committee by electronic means:
(i)
the amount of tax credit the office grants to each taxpayer for each calendar year;
(ii)
the criteria the office uses in granting a tax credit;
(iii)
the new state revenue generated by each taxpayer for each calendar year;
(iv)
estimates for each of the next three calendar years of the following:
(A)
the amount of tax credits that the office will grant;
(B)
the amount of new state revenue that will be generated; and
(C)
the number of new incremental jobs within the state that will be generated;
(v)
the information contained in the office's latest report under Section 63N-2-106; and
(vi)
any other information that the Revenue and Taxation Interim Committee requests.
(b)
In providing the information described in Subsection (5)(a), the office shall redact information that identifies a recipient of a tax credit under this section.
(c)
If, notwithstanding the redactions made under Subsection (5)(b), reporting the information described in Subsection (5)(a) 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) in the aggregate for all taxpayers that receive the tax credit under this section.
Frequently Asked Questions About Utah § 59-10-1107
What does Utah Code § 59-10-1107 cover?
Section 59-10-1107 ("Refundable economic 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 § 59-10-1107?
A common citation format is "Utah Code § 59-10-1107" (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 § 59-10-1107 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.
