(1) "Business applicant" means a business that: (a) is a claimant, estate, or trust; and (b) meets the criteria established in Section 63N-2-304.

(a) is a claimant, estate, or trust; and

(b) meets the criteria established in Section 63N-2-304.

(2) (a) Except as provided in Subsection (2)(b), "claimant" means a resident person or a nonresident person. (b) "Claimant" does not include an estate or trust.

(a) Except as provided in Subsection (2)(b), "claimant" means a resident person or a nonresident person.

(b) "Claimant" does not include an estate or trust.

(3) "Community investment project" means a project that includes one or more of the following criteria in addition to the normal operations of the business applicant: (a) significant new employment; or (b) significant new capital development.

(a) significant new employment; or

(b) significant new capital development.

(4) "Enterprise zone" means an area within a county or municipality that has been designated as an enterprise zone by the office under Part 2, Enterprise Zone Act.

(5) "Estate" means a resident estate or a nonresident estate.

(6) "Refundable tax credit" means a tax credit that a claimant, estate, or trust may claim: (a) as provided by statute; and (b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under: (i)Title 59, Chapter 7, Corporate Franchise and Income Taxes; or (ii)Title 59, Chapter 10, Individual Income Tax Act.

(a) as provided by statute; and

(b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under: (i)Title 59, Chapter 7, Corporate Franchise and Income Taxes; or (ii)Title 59, Chapter 10, Individual Income Tax Act.

(i)Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

(ii)Title 59, Chapter 10, Individual Income Tax Act.

(7) "Targeted business income tax credit" means a refundable tax credit available under this part.

(8) "Targeted business income tax credit eligibility certificate" means a document provided by the office to a business applicant before the applicant may claim a targeted business income tax credit under this part.

(9) "Trust" means a resident trust or a nonresident trust.