59-10-1034. Nonrefundable high cost infrastructure development tax credit.
(1) As used in this section: "High cost infrastructure project" means the same as that term is defined in Section. 79-6-602 "Infrastructure cost-burdened entity" means the same as that term is defined in Section. 79-6-602 "Infrastructure-related revenue" means the same as that term is defined in Section. 79-6-602 "Office" means the Office of Energy Development created in Section. 79-6-401
(2) Subject to the other provisions of this section, a claimant, estate, or trust that is an infrastructure cost-burdened entity may claim a nonrefundable tax credit for development of a high cost infrastructure project as provided in this section. A claimant, estate, or trust that is an infrastructure cost-burdened entity may not claim a tax credit under this section and under Sectionusing the same tax credit certificate. 59-5-305
(3) The tax credit under this section is the amount listed as the tax credit amount on a tax credit certificate that the office issues under, to the infrastructure cost-burdened entity for the taxable year. Title 79, Chapter 6, Part 6, High Cost Infrastructure Development Tax Credit Act
(4) An infrastructure cost-burdened entity may carry forward a tax credit under this section for a period that does not exceed the next seven taxable years if: the infrastructure cost-burdened entity is allowed to claim a tax credit under this section for a taxable year; and the amount of the tax credit exceeds the infrastructure cost-burdened entity's tax liability under this chapter for that taxable year.
(5) To assist the Revenue and Taxation Interim Committee with the review required by Section, the office shall provide the following information, if available to the office, to the Office of the Legislative Fiscal Analyst: 59-10-137 the amount of tax credit that the office grants to each infrastructure cost-burdened entity for each taxable year; the infrastructure-related revenue generated by each high cost infrastructure project; the information contained in the office's latest report under Section; and 79-6-605 any other information that the Office of the Legislative Fiscal Analyst requests. In providing the information described in Subsection, the office shall redact information that identifies a recipient of a tax credit under this section. (5)(a)(i) If, notwithstanding the redactions made under Subsection, reporting the information described in Subsectionmight disclose the identity of a recipient of a tax credit, the office may file a request with the Revenue and Taxation Interim Committee to provide the information described in Subsectionin the aggregate for all infrastructure cost-burdened entities that receive the tax credit under this section. (5)(a)(ii) (5)(a)(i) (5)(a)(i) The Office of the Legislative Fiscal Analyst shall report to the Revenue and Taxation Interim Committee a summary and analysis of the information provided to the Office of the Legislative Fiscal Analyst by the office under Subsection. (5)(a)