(1) A certificate and the related contingent tax credit may be transferred by the designated investor.
(2) The board, in conjunction with the State Tax Commission, shall develop: (a) a system for registration of any certificate and related contingent tax credit issued or transferred under this part; and (b) a system that permits verification that: (i) any contingent tax credit claimed is valid; and (ii) any transfers of the certificate and related contingent tax credit are made in accordance with the requirements of this part.
(a) a system for registration of any certificate and related contingent tax credit issued or transferred under this part; and
(b) a system that permits verification that: (i) any contingent tax credit claimed is valid; and (ii) any transfers of the certificate and related contingent tax credit are made in accordance with the requirements of this part.
(i) any contingent tax credit claimed is valid; and
(ii) any transfers of the certificate and related contingent tax credit are made in accordance with the requirements of this part.
(3) A certificate or contingent tax credit issued or transferred under this part may not be considered a security under Title 61, Chapter 1, Utah Uniform Securities Act.
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