Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 43 (2025GS)

Sponsor

Sen. McCay, Daniel

Final action

Governor Signed 3/25/2025

Outcome

Became law — signed by Gov. Spencer J. Cox

Summary

What it does

• This bill:
• extends the income tax credit review cycle from three years to five years;
• provides a process for the Office of the Legislative Auditor General to audit the income tax credits; and
• makes technical changes.

Every vote on this bill

Bill text

56
36-12-15.4
59-7-159
59-7-614.2
59-7-614.5
59-7-614.7
59-7-614.10
59-7-619
59-10-137
59-10-1025
59-10-1029
59-10-1034
59-10-1037
59-10-1107
59-10-1108
1
Income Tax Credit Review Amendments
2025 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Daniel McCay
House Sponsor: Steve Eliason
LONG TITLE
General Description:
This bill modifies the process for income tax credit review.
Highlighted Provisions:
This bill:
extends the income tax credit review cycle from three years to five years; 
provides a process for the Office of the Legislative Auditor General to audit the income 
tax credits; and
makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
59-7-159
, as last amended by Laws of Utah 2022, Chapters 264, 274
59-7-614.2
, as last amended by Laws of Utah 2022, Chapter 200
59-7-614.5
, as last amended by Laws of Utah 2021, Chapter 282
59-7-614.7
, as last amended by Laws of Utah 2023, Chapter 482
59-7-614.10
, as last amended by Laws of Utah 2021, Chapter 282
59-7-619
, as last amended by Laws of Utah 2023, Chapter 473
59-10-137
, as last amended by Laws of Utah 2023, Chapter 460
59-10-1025
, as last amended by Laws of Utah 2019, Chapter 465
59-10-1029
, as last amended by Laws of Utah 2023, Chapter 482
59-10-1034
, as last amended by Laws of Utah 2021, Chapters 64, 280 and last amended 
by Coordination Clause, Laws of Utah 2021, Chapter 280
59-10-1037
, as last amended by Laws of Utah 2021, Chapter 282
59-10-1107
, as last amended by Laws of Utah 2021, Chapter 282
59-10-1108
, as last amended by Laws of Utah 2021, Chapter 282
ENACTS:
36-12-15.4
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1, Section 
36-12-15.4
 is enacted to read:
36-12-15.4
. Income tax credit audits.
(1)
As used in this section:
(a)
"Committee" means the Revenue and Taxation Interim Committee.
(b)
"Income tax credit" means a state tax credit described in Title 59, Chapter 7, 
Corporate Franchise and Income Taxes, or Title 59, Chapter 10, Individual Income 
Tax Act.
(c)
"Office" means the Office of the Legislative Auditor General.
(2)
In addition to other audits performed by the office, the office shall conduct, in 
accordance with this section and under the direction of the Legislative Audit 
Subcommittee, a comprehensive performance audit of the income tax credits.
(3)
(a)
On or before August 31 of each year, the committee may refer a list of income tax 
credits to the office that the committee recommends for audit.
(b)
The list may include an order in which the committee prefers the office to conduct 
the income tax credit audit.
(4)
If the committee does not refer a list of income tax credits, the office shall select which 
income tax credits to audit, considering the income tax credit's usage in terms of dollars 
and vulnerability to error or fraud.
Section 2, Section 
59-7-159
 is amended to read:
59-7-159
. Review of credits allowed under this chapter.
(1)
As used in this section, "committee" means the Revenue and Taxation Interim 
Committee.
(2)
(a)
The committee shall review the tax credits described in this chapter as provided 
in Subsection 
(3)
 and make recommendations concerning whether the tax credits 
should be continued, modified, or repealed.
(a)
The committee shall review each tax credit described in this chapter once every five 
years to determine whether to continue, modify, or repeal the tax credit.
(b)
In conducting the review required under Subsection 
(2)(a)
, the committee shall:
(i)
schedule time on 
at least one
a
 committee agenda to conduct the review
 as needed
;
(ii)
invite state agencies, individuals, and organizations concerned with 
the
a
 tax 
credit under review to provide 
oral or written 
testimony;
(iii)
(A)
invite the Governor's Office of Economic Opportunity to present a 
summary and analysis of the information for each tax credit regarding which 
the Governor's Office of Economic Opportunity is required to make a report 
under this chapter; and
(B)
invite the Office of the Legislative Fiscal Analyst to present a summary and 
analysis of the information for each tax credit regarding which the Office of the 
Legislative Fiscal Analyst is required to make a report under this chapter;
(iv)
ensure that the committee's recommendations described in this section include 
an evaluation of
evaluate
:
(A)
the cost of the tax credit to the state;
(B)
the purpose and effectiveness of the tax credit; and
(C)
the extent to which the state benefits from the tax credit; and
(v)
undertake other review efforts as determined by the committee chairs or as 
otherwise required by law.
(3)
(a)
On or before November 30, 2017, and every three years after 2017, the 
committee shall conduct the review required under Subsection 
(2)
 of the tax credits 
allowed under the following sections:
(i)
Section 
59-7-601
;
(ii)
Section 
59-7-607
;
(iii)
Section 
59-7-612
;
(iv)
Section 
59-7-614.1
; and
(v)
Section 
59-7-614.5
.
(b)
On or before November 30, 2018, and every three years after 2018, the committee 
shall conduct the review required under Subsection 
(2)
 of the tax credits allowed 
under the following sections:
(i)
Section 
59-7-609
;
(ii)
Section 
59-7-614.2
;
(iii)
Section 
59-7-614.10
; and
(iv)
Section 
59-7-619
.
(c)
On or before November 30, 2019, and every three years after 2019, the committee 
shall conduct the review required under Subsection 
(2)
 of the tax credits allowed 
under the following sections:
(i)
Section 
59-7-610
;
(ii)
Section 
59-7-614
; and
(iii)
Section 
59-7-614.7
.
(d)
(i)
In addition to the reviews described in this Subsection 
(3)
, the committee 
shall conduct a review of a tax credit described in this chapter that is enacted on or 
after January 1, 2017.
(ii)
The committee shall complete a review described in this Subsection 
(3)(d)
 three 
years after the effective date of the tax credit and every three years after the initial 
review date.
Section 3, Section 
59-7-614.2
 is amended to read:
59-7-614.2
. Refundable economic development tax credit.
(1)
As used in this section:
(a)
"Business entity" means a taxpayer that meets the definition of "business entity" as 
defined in Section 
63N-2-103
.
(b)
"Incremental job" means the same as that term is defined in Section 
63N-1a-102
.
(c)
"New state revenue" means the same as that term is defined in Section 
63N-1a-102
.
(d)
"Office" means the Governor's Office of Economic Opportunity.
(2)
Subject to the other provisions of this section, a business entity may claim a refundable 
tax credit for economic development.
(3)
The tax credit under this section is the amount listed as the tax credit amount on the tax 
credit certificate that the office issues to the business entity for the taxable year.
(4)
(a)
In accordance with any rules prescribed by the commission under Subsection 
(4)(b)
, the commission shall make a refund to a business entity that claims a tax 
credit under this section if the amount of the tax credit exceeds the business entity's 
tax liability for a taxable year.
(b)
In accordance with 
Title 63G, Chapter 3, Utah Administrative Rulemaking Act
, the 
commission may make rules providing procedures for making a refund to a business 
entity as required by Subsection 
(4)(a)
.
(5)
(a)
In accordance with Section 
59-7-159
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
Except as provided in Subsection 
(5)
(c), for purposes of the study required by this 
Subsection 
(5)
, 
(a)
To assist the Revenue and Taxation Interim Committee with the review required by 
Section 
59-7-159
, 
the office shall provide the following information, if available to 
the office, to the Revenue and Taxation Interim Committee by electronic means:
(i)
the amount of tax credit that the office grants to each business entity for each 
calendar year;
(ii)
the criteria that the office uses in granting a tax credit;
(iii)
the new state revenue generated by the business entity for the calendar year;
(iv)
estimates for each of the next three calendar years of the following:
(A)
the amount of tax credits that the office will grant;
(B)
the amount of new state revenue that will be generated; and
(C)
the number of new incremental jobs within the state that will be generated;
(v)
the information contained in the office's latest report under Section 
63N-2-106
; 
and
(vi)
any other information that the Revenue and Taxation Interim Committee requests.
(c)
(b)
(i)
In providing the information described in Subsection 
(5)
(b)
(5)(a)
, the 
office shall redact information that identifies a recipient of a tax credit under this 
section.
(ii)
(c)
If, notwithstanding the redactions made under Subsection 
(5)
(c)(i)
(5)(b)
, 
reporting the information described in Subsection 
(5)
(b)
(5)(a)
 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)
(b)
(5)(a)
 in the aggregate for all business entities that receive the tax credit under 
this section.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)
(a) include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 4, Section 
59-7-614.5
 is amended to read:
59-7-614.5
. Refundable motion picture tax credit.
(1)
As used in this section:
(a)
"Motion picture company" means a taxpayer that meets the definition of a motion 
picture company under Section 
63N-8-102
.
(b)
"Office" means the Governor's Office of Economic Opportunity created in Section 
63N-1a-301
.
(c)
"State-approved production" means the same as that term is defined in Section 
63N-8-102
.
(2)
For a taxable year beginning on or after January 1, 2009, a
A
 motion picture company 
may claim a refundable tax credit for a state-approved production.
(3)
The tax credit under this section is the amount listed as the tax credit amount on the tax 
credit certificate that the office issues to a motion picture company under Section 
63N-8-103
 for the taxable year.
(4)
(a)
In accordance with any rules prescribed by the commission under Subsection 
(4)(b)
, the commission shall make a refund to a motion picture company that claims a 
tax credit under this section if the amount of the tax credit exceeds the motion picture 
company's tax liability for a taxable year.
(b)
In accordance with 
Title 63G, Chapter 3, Utah Administrative Rulemaking Act
, the 
commission may make rules providing procedures for making a refund to a motion 
picture company as required by Subsection 
(4)(a)
.
(5)
(a)
In accordance with Section 
59-7-159
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
, the
To assist the Revenue and Taxation Interim 
Committee with the review required by Section 
59-7-159
, the
 office shall provide 
the following information, if available to the office, to the Office of the 
Legislative Fiscal Analyst by electronic means:
(A)
the amount of tax credit that the office grants to each motion picture company 
for each calendar year;
(B)
estimates of the amount of tax credit that the office will grant for each of the 
next three calendar years;
(C)
the criteria that the office uses in granting the tax credit;
(D)
the dollars left in the state, as defined in Section 
63N-8-102
, by each motion 
picture company for each calendar year;
(E)
the information contained in the office's latest report under Section 
63N-1a-306
; 
and
(F)
any other information that the Office of the Legislative Fiscal Analyst requests.
(ii)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
motion picture companies that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 5, Section 
59-7-614.7
 is amended to read:
59-7-614.7
. Nonrefundable alternative energy development tax credit.
(1)
As used in this section:
(a)
"Alternative energy entity" means the same as that term is defined in Section 
79-6-502
.
(b)
"Alternative energy project" means the same as that term is defined in Section 
79-6-502
.
(c)
"Office" means the Office of Energy Development created in Section 
79-6-401
.
(2)
Subject to the other provisions of this section, an alternative energy entity may claim a 
nonrefundable tax credit for alternative energy development as provided in this section.
(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 5, Alternative 
Energy Development Tax Credit Act
, to the alternative energy entity for the taxable year.
(4)
An alternative energy 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 alternative energy 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 alternative energy entity's tax liability under 
this chapter for that taxable year.
(5)
(a)
In accordance with Section 
59-7-159
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
, the
To assist the Revenue and Taxation Interim 
Committee with the review required by Section 
59-7-159
, the
 office shall provide 
the following information, if available to the office, to the Office of the 
Legislative Fiscal Analyst by electronic means:
(A)
the amount of tax credit that the office grants to each alternative energy entity 
for each taxable year;
(B)
the new state revenues generated by each alternative energy project;
(C)
the information contained in the office's latest report under Section 
79-6-505
; 
and
(D)
any other information that the Office of the Legislative Fiscal Analyst 
requests.
(ii)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
alternative energy entities that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
(6)
A taxpayer may not claim or carry forward a tax credit described in Subsection 
(2)
 in a 
taxable year during which the taxpayer claims or carries forward a tax credit under 
Section 
59-7-614
.
Section 6, Section 
59-7-614.10
 is amended to read:
59-7-614.10
. Nonrefundable enterprise zone tax credit.
(1)
As used in this section:
(a)
"Business entity" means a corporation that meets the definition of "business entity" 
as that term is defined in Section 
63N-2-202
.
(b)
"Office" means the Governor's Office of Economic Opportunity created in Section 
63N-1a-301
.
(2)
Subject to the provisions of this section, a business entity may claim a nonrefundable 
enterprise zone tax credit as described in Section 
63N-2-213
.
(3)
The enterprise zone tax credit under this section is the amount listed as the tax credit 
amount on the tax credit certificate that the office issues to the business entity for the 
taxable year.
(4)
A business entity may carry forward a tax credit under this section for a period that does 
not exceed the next three taxable years, if the amount of the tax credit exceeds the 
business entity's tax liability under this chapter for that taxable year.
(5)
(a)
In accordance with Section 
59-7-159
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
To assist the Revenue and Taxation Interim 
Committee with the review required by Section 
59-7-159
, the office shall provide 
by electronic means the following information for each calendar year to the Office 
of the Legislative Fiscal Analyst:
(A)
the amount of tax credits provided in each development zone;
(B)
the number of new full-time employee positions reported to obtain tax credits 
in each development zone;
(C)
the amount of tax credits awarded for rehabilitating a building in each 
development zone;
(D)
the amount of tax credits awarded for investing in a plant, equipment, or other 
depreciable property in each development zone;
(E)
the information related to the tax credit contained in the office's latest report 
under Section 
63N-1a-301
; and
(F)
any other information that the Office of the Legislative Fiscal Analyst requests.
(ii)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
development zones that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 7, Section 
59-7-619
 is amended to read:
59-7-619
. 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)
Subject to the other provisions of this section, a corporation 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.
(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)
In accordance with Section 
59-7-159
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
To assist the Revenue and Taxation Interim 
Committee with the review required by Section 
59-7-159
, 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)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
infrastructure cost-burdened entities that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
(6)
Notwithstanding Section 
59-7-903
, the commission may not remove the tax credit 
described in this section from the tax return for a taxable year beginning before January 
1, 2027.
Section 8, Section 
59-10-137
 is amended to read:
59-10-137
. Review of credits allowed under this chapter.
(1)
As used in this section, "committee" means the Revenue and Taxation Interim 
Committee.
(2)
(a)
The committee shall review the tax credits described in this chapter as provided 
in Subsection 
(3)
 and make recommendations concerning whether the tax credits 
should be continued, modified, or repealed.
(a)
The committee shall review each tax credit described in this chapter once every five 
years to determine whether to continue, modify, or repeal the tax credit.
(b)
In conducting the review required under Subsection 
(2)(a)
, the committee shall:
(i)
schedule time on 
at least one
a
 committee agenda to conduct the review
 as needed
;
(ii)
invite state agencies, individuals, and organizations concerned with 
the
a
 tax 
credit under review to provide
 oral or written
 testimony;
(iii)
(A)
invite the Governor's Office of Economic Opportunity to present a 
summary and analysis of the information for each tax credit regarding which 
the Governor's Office of Economic Opportunity is required to make a report 
under this chapter; and
(B)
invite the Office of the Legislative Fiscal Analyst to present a summary and 
analysis of the information for each tax credit regarding which the Office of the 
Legislative Fiscal Analyst is required to make a report under this chapter;
(iv)
ensure that the committee's recommendations described in this section include 
an evaluation of
evaluate
:
(A)
the cost of the tax credit to the state;
(B)
the purpose and effectiveness of the tax credit; and
(C)
the extent to which the state benefits from the tax credit; and
(v)
undertake other review efforts as determined by the committee chairs or as 
otherwise required by law.
(3)
(a)
On or before November 30, 2017, and every three years after 2017, the 
committee shall conduct the review required under Subsection 
(2)
 of the tax credits 
allowed under the following sections:
(i)
Section 
59-10-1004
;
(ii)
Section 
59-10-1010
;
(iii)
Section 
59-10-1015
;
(iv)
Section 
59-10-1025
;
(v)
Section 
59-10-1027
;
(vi)
Section 
59-10-1031
;
(vii)
Section 
59-10-1032
;
(viii)
Section 
59-10-1035
;
(ix)
Section 
59-10-1105
; and
(x)
Section 
59-10-1108
.
(b)
On or before November 30, 2018, and every three years after 2018, the committee 
shall conduct the review required under Subsection 
(2)
 of the tax credits allowed 
under the following sections:
(i)
Section 
59-10-1005
;
(ii)
Section 
59-10-1006
;
(iii)
Section 
59-10-1012
;
(iv)
Section 
59-10-1022
;
(v)
Section 
59-10-1023
;
(vi)
Section 
59-10-1028
;
(vii)
Section 
59-10-1034
;
(viii)
Section 
59-10-1037
; and
(ix)
Section 
59-10-1107
.
(c)
On or before November 30, 2019, and every three years after 2019, the committee 
shall conduct the review required under Subsection 
(2)
 of the tax credits allowed 
under the following sections:
(i)
Section 
59-10-1007
;
(ii)
Section 
59-10-1014
;
(iii)
Section 
59-10-1017
;
(iv)
Section 
59-10-1018
;
(v)
Section 
59-10-1019
;
(vi)
Section 
59-10-1024
;
(vii)
Section 
59-10-1029
;
(viii)
Section 
59-10-1036
;
(ix)
Section 
59-10-1106
; and
(x)
Section 
59-10-1111
.
(d)
(i)
In addition to the reviews described in this Subsection 
(3)
, the committee 
shall conduct a review of a tax credit described in this chapter that is enacted on or 
after January 1, 2017.
(ii)
The committee shall complete a review described in this Subsection 
(3)(d)
 three 
years after the effective date of the tax credit and every three years after the initial 
review date.
Section 9, Section 
59-10-1025
 is amended to read:
59-10-1025
. Nonrefundable tax credit for investment in certain life science 
establishments.
(1)
As used in this section:
(a)
"Commercial domicile" means the principal place from which the trade or business 
of a Utah small business corporation is directed or managed.
(b)
"Eligible claimant, estate, or trust" means the same as that term is defined in Section 
63N-2-802
.
(c)
"Life science establishment" means an establishment primarily engaged in the 
development or manufacture of products in one or more of the following categories:
(i)
biotechnologies;
(ii)
medical devices;
(iii)
medical diagnostics; and
(iv)
pharmaceuticals.
(d)
"Office" means the Governor's Office of Economic Opportunity.
(e)
"Pass-through entity" means the same as that term is defined in Section 
59-10-1402
.
(f)
"Pass-through entity taxpayer" means the same as that term is defined in Section 
59-10-1402
.
(g)
"Qualifying ownership interest" means an ownership interest that is:
(i)
(A)
common stock;
(B)
preferred stock; or
(C)
an ownership interest in a pass-through entity;
(ii)
originally issued to:
(A)
an eligible claimant, estate, or trust; or
(B)
a pass-through entity if the eligible claimant, estate, or trust that claims a tax 
credit under this section was a pass-through entity taxpayer of the pass-through 
entity on the day on which the qualifying ownership interest was issued and 
remains a pass-through entity taxpayer of the pass-through entity until the last 
day of the taxable year for which the eligible claimant, estate, or trust claims a 
tax credit under this section; and
(iii)
issued:
(A)
by a Utah small business corporation;
(B)
on or after January 1, 2011; and
(C)
for money or other property, except for stock or securities.
(h)
(i)
Except as provided in Subsection 
(1)(h)(ii)
, "Utah small business corporation" 
means the same as that term is defined in Section 
59-10-1022
.
(ii)
For purposes of this section, a corporation under Section 1244(c)(3)(A), Internal 
Revenue Code, is considered to include a pass-through entity.
(2)
Subject to the other provisions of this section, 
for a taxable year beginning on or after 
January 1, 2011, 
an eligible claimant, estate, or trust that holds a tax credit certificate 
issued to the eligible claimant, estate, or trust in accordance with Section 
63N-2-808
 for 
that taxable year may claim a nonrefundable tax credit in an amount up to 35% of the 
purchase price of a qualifying ownership interest in a Utah small business corporation 
by the claimant, estate, or trust if:
(a)
the qualifying ownership interest is issued by a Utah small business corporation that 
is a life science establishment;
(b)
the qualifying ownership interest in the Utah small business corporation is purchased 
for at least $25,000;
(c)
the eligible claimant, estate, or trust owned less than 30% of the qualifying 
ownership interest of the Utah small business corporation at the time of the purchase 
of the qualifying ownership interest; and
(d)
on each day of the taxable year in which the purchase of the qualifying ownership 
interest was made, the Utah small business corporation described in Subsection 
(2)(a)
has at least 50% of its employees in the state.
(3)
Subject to Subsection 
(4)
, the tax credit under Subsection 
(2)
:
(a)
may only be claimed by an eligible claimant, estate, or trust:
(i)
for a taxable year for which the eligible claimant, estate, or trust holds a tax credit 
certificate issued in accordance with Section 
63N-2-808
; and
(ii)
subject to obtaining a tax credit certificate for each taxable year as required by 
Subsection 
(3)(a)(i)
, for a period of three taxable years as follows:
(A)
the tax credit in the taxable year in which the purchase of the qualifying 
ownership interest was made may not exceed 10% of the purchase price of the 
qualifying ownership interest;
(B)
the tax credit in the taxable year after the taxable year described in Subsection 
(3)(a)(ii)(A)
 may not exceed 10% of the purchase price of the qualifying 
ownership interest; and
(C)
the tax credit in the taxable year two years after the taxable year described in 
Subsection 
(3)(a)(ii)(A)
 may not exceed 15% of the purchase price of the 
qualifying ownership interest; and
(b)
may not exceed the lesser of:
(i)
the amount listed on the tax credit certificate issued in accordance with Section 
63N-2-808
; or
(ii)
$350,000 in a taxable year.
(4)
An eligible claimant, estate, or trust may not claim a tax credit under this section for a 
taxable year if the eligible claimant, estate, or trust:
(a)
has sold any of the qualifying ownership interest during the taxable year; or
(b)
does not hold a tax credit certificate for that taxable year that is issued to the eligible 
claimant, estate, or trust by the office in accordance with Section 
63N-2-808
.
(5)
If a Utah small business corporation in which an eligible claimant, estate, or trust 
purchases a qualifying ownership interest fails, dissolves, or otherwise goes out of 
business, the eligible claimant, estate, or trust may not claim both the tax credit provided 
in this section and a capital loss on the qualifying ownership interest.
(6)
If an eligible claimant is a pass-through entity taxpayer that files a return under 
Chapter 
7, Corporate Franchise and Income Taxes
, the eligible claimant may claim the tax credit 
under this section on the return filed under 
Chapter 7, Corporate Franchise and Income 
Taxes
.
(7)
A claimant, estate, or trust may not carry forward or carry back a tax credit under this 
section.
(8)
(a)
In accordance with Section 
59-10-137
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
Except as provided in Subsection 
(8)(c)
, for purposes of the study required by 
this Subsection 
(8)
,
(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 by electronic 
means:
(i)
(A)
the amount of tax credit that the office grants to each eligible business 
entity for each taxable year;
(ii)
(B)
the amount of eligible new state tax revenues generated by each eligible 
product or project;
(iii)
(C)
estimates for each of the next three calendar years of the following:
(A)
(I)
the amount of tax credit that the office will grant;
(B)
(II)
the amount of eligible new state tax revenues that will be generated; 
and
(C)
(III)
the number of new incremental jobs within the state that will be 
generated; and
(iv)
(D)
any other information that the Office of the Legislative Fiscal Analyst 
requests.
(c)
(ii)
(i)
In providing the information described in Subsection 
(8)(b)
(8)(a)(i)
, the 
office shall redact information that identifies a recipient of a tax credit under this 
section.
(ii)
(iii)
If, notwithstanding the redactions made under Subsection 
(8)(c)(i)
(8)(a)(ii)
, 
reporting the information described in Subsection 
(8)(b)
(8)(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 
(8)(b)
(8)(a)(i)
 in the aggregate for all entities that receive the tax 
credit under this section.
(d)
(b)
As part of the study required by this Subsection 
(8)
, the
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 
(8)(b)
(8)(a)
.
(e)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(8)(a)
 include an evaluation of:
(i)
the cost of the tax credit under this section;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 10, Section 
59-10-1029
 is amended to read:
59-10-1029
. Nonrefundable alternative energy development tax credit.
(1)
As used in this section:
(a)
"Alternative energy entity" means the same as that term is defined in Section 
79-6-502
.
(b)
"Alternative energy project" means the same as that term is defined in Section 
79-6-502
.
(c)
"Office" means the Office of Energy Development created in Section 
79-6-401
.
(2)
Subject to the other provisions of this section, an alternative energy entity may claim a 
nonrefundable tax credit for alternative energy development as provided in this section.
(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 5, Alternative 
Energy Development Tax Credit Act
, to the alternative energy entity for the taxable year.
(4)
An alternative energy 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 alternative energy 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 alternative energy entity's tax liability under 
this chapter for that taxable year.
(5)
(a)
In accordance with Section 
59-10-137
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
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 by electronic means:
(A)
the amount of tax credit that the office grants to each alternative energy entity 
for each taxable year;
(B)
the new state revenues generated by each alternative energy project;
(C)
the information contained in the office's latest report under Section 
79-6-505
; 
and
(D)
any other information that the Office of the Legislative Fiscal Analyst 
requests.
(ii)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)(A)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
alternative energy entities that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
(6)
A claimant, estate, or trust may not claim or carry forward a tax credit described in 
Subsection 
(2)
 in a taxable year during which the taxpayer claims or carries forward a 
tax credit under Section 
59-10-1106
.
Section 11, Section 
59-10-1034
 is amended to read:
59-10-1034
. 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)
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.
(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)
In accordance with Section 
59-10-137
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
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)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
infrastructure cost-burdened entities that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 12, Section 
59-10-1037
 is amended to read:
59-10-1037
. Nonrefundable enterprise zone tax credit.
(1)
As used in this section:
(a)
"Business entity" means a claimant, estate, or trust that meets the definition of 
"business entity" as that term is defined in Section 
63N-2-202
.
(b)
"Office" means the Governor's Office of Economic Opportunity created in Section 
63N-1a-301
.
(2)
Subject to the provisions of this section, a business entity may claim a nonrefundable 
enterprise zone tax credit as described in Section 
63N-2-213
.
(3)
The enterprise zone tax credit under this section is the amount listed as the tax credit 
amount on the tax credit certificate that the office issues to the business entity for the 
taxable year.
(4)
A business entity may carry forward a tax credit under this section for a period that does 
not exceed the next three taxable years, if the amount of the tax credit exceeds the 
business entity's tax liability under this chapter for that taxable year.
(5)
(a)
In accordance with Section 
59-10-137
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
To assist the Revenue and Taxation Interim 
Committee with the review required by Section 
59-10-137
, the office shall 
provide by electronic means the following information, if available to the office, 
for each calendar year to the Office of the Legislative Fiscal Analyst:
(A)
the amount of tax credits provided in each development zone;
(B)
the number of new full-time employee positions reported to obtain tax credits 
in each development zone;
(C)
the amount of tax credits awarded for rehabilitating a building in each 
development zone;
(D)
the amount of tax credits awarded for investing in a plant, equipment, or other 
depreciable property in each development zone;
(E)
the information related to the tax credit contained in the office's latest report 
under Section 
63N-1a-306
; and
(F)
other information that the Office of the Legislative Fiscal Analyst requests.
(ii)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
development zones that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 13, Section 
59-10-1107
 is amended to read:
59-10-1107
. Refundable economic development tax credit.
(1)
As used in this section:
(a)
"Business entity" means a claimant, estate, or trust that meets the definition of 
"business entity" as defined in Section 
63N-2-103
.
(b)
"Incremental job" means the same as that term is defined in Section 
63N-1a-102
.
(c)
"New state revenue" means the same as that term is defined in Section 
63N-1a-102
.
(d)
"Office" means the Governor's Office of Economic Opportunity.
(2)
Subject to the other provisions of this section, a business entity may claim a refundable 
tax credit for economic development.
(3)
The tax credit under this section is the amount listed as the tax credit amount on the tax 
credit certificate that the office issues to the business entity for the taxable year.
(4)
(a)
In accordance with any rules prescribed by the commission under Subsection 
(4)(b)
, the commission shall make a refund to a business entity that claims a tax 
credit under this section if the amount of the tax credit exceeds the business entity's 
tax liability for a taxable year.
(b)
In accordance with 
Title 63G, Chapter 3, Utah Administrative Rulemaking Act
, the 
commission may make rules providing procedures for making a refund to a business 
entity as required by Subsection 
(4)(a)
.
(5)
(a)
In accordance with Section 
59-10-137
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
Except as provided in Subsection 
(5)(c)
, for purposes of the study required by 
this Subsection 
(5)
, 
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 Revenue and Taxation Interim 
Committee by electronic means:
(i)
the amount of tax credit the office grants to each taxpayer for each calendar year;
(ii)
the criteria the office uses in granting a tax credit;
(iii)
the new state revenue generated by each taxpayer for each calendar year;
(iv)
estimates for each of the next three calendar years of the following:
(A)
the amount of tax credits that the office will grant;
(B)
the amount of new state revenue that will be generated; and
(C)
the number of new incremental jobs within the state that will be generated;
(v)
the information contained in the office's latest report under Section 
63N-2-106
; 
and
(vi)
any other information that the Revenue and Taxation Interim Committee requests.
(c)
(b)
(i)
In providing the information described in Subsection 
(5)(b)
(5)(a)
, the 
office shall redact information that identifies a recipient of a tax credit under this 
section.
(ii)
(c)
If, notwithstanding the redactions made under Subsection 
(5)(c)(i)
(5)(b)
, 
reporting the information described in Subsection 
(5)(b)
(5)(a)
 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)(b)
(5)(a)
 in the aggregate for all taxpayers that receive the tax credit under this 
section.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the purpose and effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 14, Section 
59-10-1108
 is amended to read:
59-10-1108
. Refundable motion picture tax credit.
(1)
As used in this section:
(a)
"Motion picture company" means a claimant, estate, or trust that meets the definition 
of a motion picture company under Section 
63N-8-102
.
(b)
"Office" means the Governor's Office of Economic Opportunity created in Section 
63N-1a-301
.
(c)
"State-approved production" means the same as that term is defined in Section 
63N-8-102
.
(2)
For a taxable year beginning on or after January 1, 2009, a
A
 motion picture company 
may claim a refundable tax credit for a state-approved production.
(3)
The tax credit under this section is the amount listed as the tax credit amount on the tax 
credit certificate that the office issues to a motion picture company under Section 
63N-8-103
 for the taxable year.
(4)
(a)
In accordance with any rules prescribed by the commission under Subsection 
(4)(b)
, the commission shall make a refund to a motion picture company that claims a 
tax credit under this section if the amount of the tax credit exceeds the motion picture 
company's tax liability for the taxable year.
(b)
In accordance with 
Title 63G, Chapter 3, Utah Administrative Rulemaking Act
, the 
commission may make rules providing procedures for making a refund to a motion 
picture company as required by Subsection 
(4)(a)
.
(5)
(a)
In accordance with Section 
59-10-137
, the Revenue and Taxation Interim 
Committee shall study the tax credit allowed by this section and make 
recommendations concerning whether the tax credit should be continued, modified, 
or repealed.
(b)
(a)
(i)
Except as provided in Subsection 
(5)(b)(ii)
, for purposes of the study 
required by this Subsection 
(5)
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 by electronic means:
(A)
the amount of tax credit the office grants to each taxpayer for each calendar 
year;
(B)
estimates of the amount of tax credit that the office will grant for each of the 
next three calendar years;
(C)
the criteria the office uses in granting a tax credit;
(D)
the dollars left in the state, as defined in Section 
63N-8-102
, by each motion 
picture company for each calendar year;
(E)
the information contained in the office's latest report under Section 
63N-8-105
; 
and
(F)
any other information that the Office of the Legislative Fiscal Analyst requests.
(ii)
(A)
In providing the information described in Subsection 
(5)(b)(i)
(5)(a)(i)
, 
the office shall redact information that identifies a recipient of a tax credit 
under this section.
(B)
(iii)
If, notwithstanding the redactions made under Subsection 
(5)(b)(ii)(A)
(5)(a)(ii)
, reporting the information described in Subsection 
(5)(b)(i)
(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)(b)(i)
(5)(a)(i)
 in the aggregate for all 
taxpayers that receive the tax credit under this section.
(c)
(b)
As part of the study required by this Subsection 
(5)
, the
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)(b)
(5)(a)
.
(d)
The Revenue and Taxation Interim Committee shall ensure that the 
recommendations described in Subsection 
(5)(a)
 include an evaluation of:
(i)
the cost of the tax credit to the state;
(ii)
the effectiveness of the tax credit; and
(iii)
the extent to which the state benefits from the tax credit.
Section 15. 
Effective Date.
This bill takes effect on 
May 7, 2025
.
3-6-25 1:09 PM