Utah Admin. Code R357-21-11 - Exit

(1) An approved applicant may exit the program pursuant to requirements outlined in Section 63N-4-309.

(2) The request for exit must be made on official letterhead of the approved applicant and contain the following:

(a) the calculation used to determine the state reimbursement amount;

(b) the aggregate new annual jobs reported in earlier annual reports; and

(c) the calculation used to determine the excess return amount including:

(i) relevant documentation used to show the present value of each growth investment made by the approved applicant on the day the approved applicant applies for exit from the program. Relevant documentation must show from verifiable sources how the present value of each growth investment is determined and additional documentation may be requested by the office to verify values provided; and

(ii) relevant documentation that shows how any projected increase in an equity holder's federal or state tax liability including penalties and interest, related to the equity holder's ownership, management, or operation of the rural investment company, was determined. This may include actual tax filings of the equity holder whose increase is utilized in the excess return calculation.

Notes

Utah Admin. Code R357-21-11

Adopted by Utah State Bulletin Number 2017-24, effective 11/28/2017 Amended by Utah State Bulletin Number 2022-22, effective 10/27/2022