As used in this part:

1. (1) "Business entity" means an entity, sole proprietorship, or individual:

   1. (a) including a claimant, estate, or trust; and
   2. (b) under which or by whom business is conducted or transacted.

2. (2) "Claimant" means a resident or nonresident person that has:

   1. (a) Utah taxable income as defined in Section 59-7-101; or
   2. (b) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information.
3. (3) "County applicant" means the governing authority of a county that meets the requirements for designation as an enterprise zone under Section 63N-2-204.
4. (4) "Estate" means a nonresident estate or a resident estate that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.
5. (5) "Municipal applicant" means the governing authority of a city or town that meets the requirements for designation as an enterprise zone under Section 63N-2-204.

6. (6) "Nonrefundable tax credit" or "tax credit" means a tax credit that a business entity may:

   1. (a) claim:

      1. (i) as provided by statute; and

      2. (ii) in an amount that does not exceed the business entity's tax liability for a taxable year under:

         1. (A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
         2. (B) Title 59, Chapter 10, Individual Income Tax Act; and

   2. (b) carry forward or carry back:

      1. (i) if allowed by statute; and

      2. (ii) to the extent that the amount of the tax credit exceeds the business entity's tax liability for a taxable year under:

         1. (A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
         2. (B) Title 59, Chapter 10, Individual Income Tax Act.
7. (7) "Tax incentives" or "tax benefits" means the nonrefundable tax credits described in Section 63N-2-213.
8. (8) "Trust" means a nonresident trust or a resident trust that has state taxable income under Title 59, Chapter 10, Part 2, Trusts and Estates.

Amended by Chapter 465, 2019 General Session