The Enterprise Zone Tax Credit program is available to businesses located within a designated Enterprise Zone Area. The purpose of the tax credit is to encourage investment in rural Utah businesses and to create jobs.
Prior to starting this application, please confirm that your business is eligible to apply for the tax credit with your county or tribal economic development office to confirm your business is in a designated Enterprise Zone Area.
This application covers the Capital Investment Tax Credit only. For the Employee Tax Credit Application please submit an application here. Businesses in the designated Enterprise Zone Area are eligible to submit both applications. If an award is made for each application they will be combined into one tax credit.
ENTERPRISE ZONE TAX CREDITS:
The following tax credits may be claimed by
eligible businesses locating or expanding within an enterprise
Investment Tax Credit
- A tax credit of 25% of the first $200,000 spent on rehabilitating a building in the enterprise zone that has been vacant for two years or more; and/or
- An annual investment tax credit of 10% of the first $250,000 in investment, and 5% of the next $1,000,000 qualifying investment in plant, equipment, or other depreciable property.
Before filing an Investment & Building Rehabilitation Tax Credit application you will need the following documents:
• City Occupancy Permit
• Notarized Vacancy Letter
• Receipts demonstrating investment
• Signed letter of certification
Receipts/invoices/bill of sales/etc. showing:
Entire purchase price paid for qualifying investment in plant, equipment, or other depreciable property and documentation to show amount paid by applicant such as loan documentation or check detail and bank statement detail.
For investment in a building rehabilitation:
• Documentation includes documents showing current owner such as deed or mortgage documents.
• Notarized vacancy letter
• Current occupancy permit or certificate
• Receipts and paid invoices of all rehabilitation expenses totaling the amount the tax credit is calculated from, check detail and bank statement detail to validate the entire amount paid.
As we do have a large amount of applicants for the Enterprise Zone Tax Credit, the sooner we receive all the documentation means the sooner we can begin the process. Thank you for working with us and we apologize for any confusion.
For more information refer to Enterprise Zone statute and Enterprise Zone rules.
Tax Credit Process:
1. Fill out the application.
2. Eligibility will be confirmed and reviewed.
3. You will receive a tax credit certificate for qualifying expenditures. The Enterprise Zone Tax Credit is filed with your Utah State Income Tax.
4. If the amount of a tax credit under this section exceeds a business entity's tax liability under this chapter for a taxable year, the business entity may carry forward the amount of the tax credit exceeding the liability for a period that does not exceed three taxable years.
5. Carefully read each question and provide accurate answers.
6. Your application must be accompanied by documentation that supports your submission.
7. Each Enterprise Zone applicant is required to sign an letter of certification which has been approved by the state (as described in 63N-2-243). Please print attachment, complete form, sign, and submit with requested documentation.
Please contact Jim Grover, firstname.lastname@example.org, with any questions or concerns regarding the Enterprise Zone program. Please contact Jaron Janson, email@example.com, for technical assistance with this portal.