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.
| State or Territory: | Utah |
| Effected Jurisdiction: | Utah |
Jurisdiction type: | State or Territory |
| Fiscal year ending In: | 2019 |
| Program name: | New 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) |
