Section 63N-2-104.3 - Limitations on tax credit amount(1) Except as provided in Subsection (2)(a), for a new commercial project that is located within the boundary of a county of the first or second class, the office may not authorize a tax credit that exceeds: (a) 50% of the new state revenues from the new commercial project in any given year;(b) 30% of the new state revenues from the new commercial project over a period of up to 20 years; or(c) 35% of the new state revenues from the new commercial project over a period of up to 20 years, if: (i) the new commercial project brings 2,500 or more new incremental jobs to the state;(ii) the amount of capital expenditures associated with the new commercial project is $1,000,000,000 or more; and(iii) the commission approves the tax credit.(2) If the office authorizes a tax credit for a new commercial project located within the boundary of: (a) a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship as determined by the office, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years;(b) a county of the third class, the office may authorize a tax credit of up to 50% of new state revenues from the new commercial project over a period of up to 20 years; and(c) a county of the fourth, fifth, or sixth class, the office may authorize a tax credit of 50% of new state revenues from the new commercial project over a period of up to 20 years.Amended by Chapter 499, 2023 General Session ,§ 6, eff. 5/3/2023.Added by Chapter 200, 2022 General Session ,§ 10, eff. 5/4/2022.