REVISED AGENDA

REVENUE AND TAXATION INTERIM COMMITTEE

UTAH LEGISLATURE

Wednesday, July 13, 2016 • 8:30 a.m. • Room 445 State Capitol

1. Committee Business

· Call to order

· Approval of the minutes of the June 15, 2016, meeting

2. Tax Credit Review Amendments

· 2016 Third Special Session draft legislation “Tax Credit Review Amendments” –

Rep. Peterson

· Public comment

· Committee discussion/action

3. Review of Utah State Tax Commission

· Background - Rep. McCay

· Utah State Tax Commission

· Public comment

· Committee discussion/action

4. Assessment of Land in Agricultural Use

· Utah State Tax Commission

· Mr. Lincoln Shurtz, Utah Association of Counties

· Ms. Kathleen Howell, Assessor, Cache County

· Mr. Sterling Brown, Utah Farm Bureau

· Public comment

· Committee discussion/action

5. Review of Recent Changes to the Formula Used to Distribute Fuel Tax Revenue to Local Governments

· Utah Association of Counties

· Utah League of Cities and Towns

· Public comment

· Committee discussion/action

6. Review of Income Tax Credits – Recycling Market Development Zones

· Governor’s Office of Economic Development

· Public comment

· Committee discussion/action

7. Assessment of Property

· Rep. Froerer

· Utah State Tax Commission

· Public comment

· Committee discussion/action

8. Opened Committee Bill Files

· "Taxation of Foreign Income Amendments" – Study Item 1: double taxation on foreign income via pass-through entities

· "Property Assessment Amendments" – Study Item 2: property assessments when limited market data are available

· "Property Tax Changes" – Study Item 3: fair market valuation of static property

· "Sales and Use Tax Exemption Changes" – Study Item 4: sales tax exemption for public building materials

· "Income Tax Credit Modifications" – Study Item 5: solar energy tax credits

· "Utah Educational Savings Plan Tax Amendments" – to modify the Utah Educational Savings Plan or to provide some like measures to address intergenerational poverty

· "Property Tax Assessment Changes" – Study Item 6: greenbelt assessment

· "School District Property Tax Amendments" – Study Item 7: amendments to school district property tax provisions regarding the voted and board leeway

· "Local District Taxing Authority Amendments" – Study Item 8: local district’s authority to impose a tax that exceeds the certified rate

· "Tax Credit Amendments" – Study Item 9: implementation of any findings from tax credit review according to cycle set in 2016 H.B. 310

· "Tax Return Filing Date Changes" – Study Item 10: alignment of federal and state tax return filing due dates

· "Revenue and Taxation Modifications" – Study Item 11

· "Use Tax Amendments" – Study Item 12: clarify tax forms, assess ongoing viability of use tax, and other options

· "Tax Commission Amendments" – Study Item 13: general administration of tax code/system

· "Tax Commission Procedure Amendments" – Study Item 13: statutory changes regarding policy rulings

· "Imposition of Fees Amendments" – Study Item 14: Truth in taxation process for fees

· "Service District Amendments" – Study Item 15: accounting for districts that overlap multiple taxing entities

· "Local Option Sales Tax for Transportation Amendments" – prioritization when multiple local jurisdictions wish to impose sales tax for transportation

· "Natural Gas Heavy Duty Tax Credit Amendments" – clean-up of natural gas heavy duty tax credits

· "Pass-Through Entity Tax Amendments" – harmonization of Section 59-10-117 with language in pass-through entity part (Committee approved)

· "Property Tax Assessment Appeal Amendments" – uniformity of appeals period under Farmland Assessment Act and Urban Farming Act (Committee approved)

9. Other Items/Adjourn

· Next meeting September 21, 2016

· Open committee bill files