Nonrefundable high cost infrastructure development tax credit

# (1)

As used in this section:

# (a)

"High cost infrastructure project" means the same as that term is defined in Section 79-6-602.

# (b)

"Infrastructure cost-burdened entity" means the same as that term is defined in Section 79-6-602.

# (c)

"Infrastructure-related revenue" means the same as that term is defined in Section 79-6-602.

# (d)

"Office" means the Office of Energy Development created in Section 79-6-401.

# (2)

# (a)

Subject to the other provisions of this section, a claimant, estate, or trust that is an infrastructure cost-burdened entity may claim a nonrefundable tax credit for development of a high cost infrastructure project as provided in this section.

# (b)

A claimant, estate, or trust that is an infrastructure cost-burdened entity may not claim a tax credit under this section and under Section 59-5-305 using the same tax credit certificate.

# (3)

The tax credit under this section is the amount listed as the tax credit amount on a tax credit certificate that the office issues under Title 79, Chapter 6, Part 6, High Cost Infrastructure Development Tax Credit Act, to the infrastructure cost-burdened entity for the taxable year.

# (4)

An infrastructure cost-burdened entity may carry forward a tax credit under this section for a period that does not exceed the next seven taxable years if:

# (a)

the infrastructure cost-burdened entity is allowed to claim a tax credit under this section for a taxable year; and

# (b)

the amount of the tax credit exceeds the infrastructure cost-burdened entity's tax liability under this chapter for that taxable year.

# (5)

# (a)

(i) To assist the Revenue and Taxation Interim Committee with the review required by Section 59-10-137, the office shall provide the following information, if available to the office, to the Office of the Legislative Fiscal Analyst:

(A) the amount of tax credit that the office grants to each infrastructure cost-burdened entity for each taxable year;

(B) the infrastructure-related revenue generated by each high cost infrastructure project;

(C) the information contained in the office's latest report under Section 79-6-605; and

(D) any other information that the Office of the Legislative Fiscal Analyst requests.

(ii) In providing the information described in Subsection (5)(a)(i), the office shall redact information that identifies a recipient of a tax credit under this section.

(iii) If, notwithstanding the redactions made under Subsection (5)(a)(ii), reporting the information described in Subsection (5)(a)(i) might disclose the identity of a recipient of a tax credit, the office may file a request with the Revenue and Taxation Interim Committee to provide the information described in Subsection (5)(a)(i) in the aggregate for all infrastructure cost-burdened entities that receive the tax credit under this section.

# (b)

The Office of the Legislative Fiscal Analyst shall report to the Revenue and Taxation Interim Committee a summary and analysis of the information provided to the Office of the Legislative Fiscal Analyst by the office under Subsection (5)(a).