63N-4-304. Tax credit.
(1) On the closing date, a claimant whose affidavit was included in an approved application submitted under Sectionshall earn a vested tax credit equal to the amount of the claimant's credit-eligible capital contribution to the rural investment company. 63N-4-303
(2) In each of the taxable years that includes the fourth through seventh anniversaries of the closing date, the office shall: issue a tax credit certificate to each approved claimant, specifying a tax credit amount for the taxable year equal to 25% of the claimant's total credit-eligible capital contribution; and provide a report to the State Tax Commission listing each claimant that received a tax credit certificate under Subsectionand the tax credit amount listed on the certificate. (2)(a)
(3) A claimant may not claim a tax credit under this section unless the claimant has a tax credit certificate issued by the office. A claimant claiming a credit under this section shall retain a tax credit certificate the claimant receives from the office for the same time period a person is required to keep books and records under Section. 59-1-1406
(4) In accordance with, the office shall make rules describing: Title 63G, Chapter 3, Utah Administrative Rulemaking Act the documentation requirements for a business entity to receive a tax credit certificate under this section; and administration of the program, including relevant timelines and deadlines.