63M-1-402 - Definitions. - Utah Statutes

63M-1-402. Definitions.
As used in this part:
(1) "Business entity" means an entity:
(a) including a claimant, estate, or trust; and
(b) under which business is conducted or transacted.
(2) (a) "Claimant" means a resident or nonresident person that has:
(i) Utah taxable income as defined in Section 59-7-101; or
(ii) state taxable income under Title 59, Chapter 10, Part 1, Determination and Reportingof Tax Liability or Information.
(b) "Claimant" does not include an estate or trust.
(3) "County applicant" means the governing authority of a county that meets therequirements for designation as an enterprise zone under Section 63M-1-404.
(4) "Estate" means a nonresident estate or a resident estate that has state taxable incomeunder Title 59, Chapter 10, Part 2, Trusts and Estates.
(5) "Municipal applicant" means the governing authority of a city or town that meets therequirements for designation as an enterprise zone under Section 63M-1-404.
(6) "Nonrefundable tax credit" or "tax credit" means a tax credit that a claimant, estate,or trust may:
(a) claim:
(i) as provided by statute; and
(ii) in an amount that does not exceed the claimant's, estate's, or trust's tax liability for ataxable year under:
(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
(B) Title 59, Chapter 10, Individual Income Tax Act; and
(b) carry forward or carry back:
(i) if allowed by statute; and
(ii) to the extent that the amount of the tax credit exceeds the claimant's, estate's, ortrust's tax liability for a taxable year under:
(A) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or
(B) Title 59, Chapter 10, Individual Income Tax Act.
(7) "Tax incentives" or "tax benefits" means the nonrefundable tax credits described inSection 63M-1-413.
(8) "Trust" means a nonresident trust or a resident trust that has state taxable incomeunder Title 59, Chapter 10, Part 2, Trusts and Estates.

Renumbered and Amended by Chapter 382, 2008 General Session