Section 63N-2-302 - DefinitionsAs used in this part:
(1) "Business applicant" means a business that:(a) is a claimant, estate, or trust; and(b) meets the criteria established in Section 63N-2-304.(2)(a) Except as provided in Subsection (2)(b), "claimant" means a resident person or a nonresident person.(b) "Claimant" does not include an estate or trust.(3) "Community investment project" means a project that includes one or more of the following criteria in addition to the normal operations of the business applicant: (a) significant new employment; or(b) significant new capital development.(4) "Enterprise zone" means an area within a county or municipality that has been designated as an enterprise zone by the office under Part 2, Enterprise Zone Act.(5) "Estate" means a resident estate or a nonresident estate.(6) "Refundable tax credit" means a tax credit that a claimant, estate, or trust may claim:(a) as provided by statute; and(b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under: (i) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or(ii) Title 59, Chapter 10, Individual Income Tax Act.(7) "Targeted business income tax credit" means a refundable tax credit available under this part.(8) "Targeted business income tax credit eligibility certificate" means a document provided by the office to a business applicant before the applicant may claim a targeted business income tax credit under this part.(9) "Trust" means a resident trust or a nonresident trust.Amended by Chapter 352, 2017 General Session ,§ 1, eff. 5/9/2017, op. for a taxable year beginning on or after 1/1/2017.Renumbered from § 63M-1-501 and amended by Chapter 283, 2015 General Session ,§ 90, eff. 5/12/2015.Renumbered and Amended by Chapter 382, 2008 General Session