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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionUtah
Jurisdiction type: State
Fiscal year ending In2019
Program nameNew Markets Credit Program (NMTC)
Program purpose: Capital investment
Statutory authority: Section 63N-2-603 of the Utah Code
Abating jurisdiction(s): State of Utah
Applicable taxes(not specified)
Method of abatement: Tax Credit
Provisions for recapture: As authorized by 63N-2-604 of the Utah Code, the credit may be recaptured in the following situations: (1) If any amount of the federal Tax Credit available is recaptured; (2) If the Qualified Community Development Entity (QCDE) redeems or makes principal repayment of a qualified equity investment before the seventh anniversary of the issuance of the qualified equity investment; (3) If the QCDE fails to invest at least 85 percent of the purchase price of the qualified equity investment in qualified lowincome community investments in Utah within one year of the issuance of the qualified equity investment and fails to maintain the required investment in Utah until the last credit allowance date; and (4) If the QCDE violates the provisions of sections 63N-2-607 or 609 of the Utah Code.
Gross revenue loss: $6,000,000
Reimbursement / offset: $0
Net revenue loss: $6,000,000
Type of loss: Active
Additional notes on dislosure(none)