Utah Admin. Code 357-15-4

Current through Bulletin 2024-23, December 1, 2024

Section R357-15-4 - Required Documentation and Verification Information

(1) To claim any of the tax credits available under Section 63N-2-201 the following basic information must be provided to the office:

(a) business entity's name that is claiming a tax credit on a Utah Tax filing submission;

(b) contact name, email, phone number, mailing address and relevant titles;

(c) the physical operating address where the business entity is located including a screenshot of the address pinpoint within the enterprise zone as found on locate.utah.gov.

(d) the business entity's tax identification number whether a federally provided employer identification number or a Social Security Number; and

(e) information as required under Section R357-15-3.

(2) To qualify for any of the employment tax credits under Subsections 63N-2-213(7)(a) through (d) the following documentation and information is required:

(a) current total of employees at any point during the taxable year and previous taxable including the quarterly total of employees as reported to the Department of Workforce Services;

(b) the number of new full-time employee positions created above the baseline. For each new full-time employee position above the baseline the applicant must provide:

(i) employee name;

(ii) employee wages paid;

(iii) employee hours worked;

(iv) employee Hire date and termination date if applicable;

(v) if applicable, proof of employer-sponsored health insurance program if the employer pays at least 50% of the premium cost;

(vi) if applicable, evidence that the business entity adds value to agricultural commodities through manufacturing or processing, including a list of sample products or processes.

(3) To qualify for the private capital investment tax credit under Subsections 63N-2-213(7)(e) and (f) the following documentation and information is required:

(a) If the private capital investment is for the rehabilitation of a building in an enterprise zone the applicant must provide:

(i) the rehabilitated building's physical address;

(ii) documents showing the current owner such as the deed or mortgage documents;

(iii) the date the building was last occupied;

(iv) a current occupancy permit or certificate;

(v) purchase documentation of rehabilitation expenses totaling the amount the tax credit is calculated from;

(vi) one or more forms of payment documentation validating any rehabilitation expense with an amount claimed equal to or greater than the amount established by the office is paid in entirety; and

(vii) any other documentation requested by the office including a sworn affidavit confirming the rehabilitation costs from the owner of the building if applicant is not the owner of the building.

(b) If the private capital investment is a qualifying investment in plant, equipment, or other depreciable property in an enterprise zone the applicant must provide:

(i) an itemized list of qualified investments being claimed for the credit on a template provided by the office;

(ii) purchase documentation for any investment claimed;

(iii) one or more forms of payment documentation validating an investment with an amount claimed that is equal to or greater than an amount established by the office is paid in entirety; and

(iv) property and real estate investments also require:

(A) a settlement statement; and

(B) property tax notice with building and land values separated from total property value.

(v) qualified business use vehicle and other motor vehicle investments also require business use percentage.

Utah Admin. Code R357-15-4

Adopted by Utah State Bulletin Number 2016-16, effective 7/22/2016

Amended by Utah State Bulletin Number 2019-2, effective 12/24/2018

Amended by Utah State Bulletin Number 2019-17, effective 8/12/2019

Amended by Utah State Bulletin Number 2021-23, effective 11/22/2021

Amended by Utah State Bulletin Number 2024-16, effective 8/7/2024