R357-6-4. Conditions

(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) 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: (a) September 1; (b) December 1; (c) March 1; and (d) June 1. (3) The office shall review and rank applications based upon a combination of: (a) the number of new incremental jobs in Utah; (b) capital investment in the state; or (c) new state revenue. (4) The office shall keep a record of the review and ranking of applications. (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) 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.