1. (1) Applicants shall use the application form provided by the office and follow the procedures and requirements set forth in Section 63N-2-805 for obtaining a tax credit certificate.

2. (2) Applicants shall submit the application form to the office to be eligible to receive a tax credit, quarterly throughout the fiscal year as set forth in Section 63N-2-808, on or before the following quarterly deadlines:

   1. (a) September 1;
   2. (b) December 1;
   3. (c) March 1; and
   4. (d) June 1.

3. (3) The office shall review and rank applications based upon a combination of:

   1. (a) the number of new incremental jobs in Utah;
   2. (b) capital investment in the state; or
   3. (c) new state revenue.
4. (4) The office shall keep a record of the review and ranking of applications.
5. (5) The office, with advice from the board, may enter into an agreement with a business entity authorizing a tax credit if the business entity meets the standards under Subsections R357-6-4(2) and (3) and according to the requirements and procedures set forth in Section 63N-2-809.
6. (6) A business entity is eligible for an economic development tax credit only if the office has entered into an agreement under Subsection R357-6-4(5) with the business entity.

KEY: economic development, life sciences, new state revenue

Date of Last Change: August 24, 2021

Notice of Continuation: October 30, 2025

Authorizing, and Implemented or Interpreted Law: 63N-2-801