S.B.
242
INCOME TAX ADDITIONS, SUBTRACTIONS, AND TAX CREDITS FOR HIGHER
EDUCATION SAVINGS
house floor
Amendments
Amendment 1 February 22, 2007 9:29 am
Representative Stephen H. Urquhart
proposes the following amendments:
1. Page
1, Lines 10 through 13
:
10
General Description:
11
This bill amends the
Higher Education Savings Incentive Program chapter, the
Corporate
Franchise and Income Taxes chapter
,
and the Individual
12
Income Tax Act relating to
the program for higher education savings,
additions to and subtractions from
income for higher
13
education savings
,
and to provide a tax credit for higher education savings.
2. Page
1, Line 16
:
16
. provides and modifies definitions;
. addresses the taxation of the Utah Educational Savings Plan Trust and its income;
3. Page
2, Line 58
:
58
59-10-114, as last amended by Chapter 2, Laws of Utah 2006, Fourth Special Session
59-10-201, as last amended by Chapter 223, Laws of Utah 2006
4. Page
8, Lines 220 through 221
:
220
taxable year beginning on or after January 1, 2006, but beginning on or before December 31,
221
2006;
or
5. Page
14, Lines 409 through 411
:
409
(1) For tax purposes the property of the Utah Educational Savings Plan Trust and its
410
income are governed by
{
Sections
59-7-105
,
59-7-106
,
59-10-114
, [and]
}
Section
59-10-201
{
,
and
411
59-10-202
}
.
6. Page
34, Line 1038
:
1038
(B) the District of Columbia, if the entity is located within the District of Columbia.
Section 16. Section 59-10-201 is amended to read:
59-10-201
.
Taxation of resident trusts and estates.
(1) A tax determined in accordance with the rates prescribed by Section
59-10-104
for individuals filing
separately is imposed for each taxable year on the state taxable income of each resident estate or trust, except
for trusts taxed as corporations.
(2) A resident estate or trust shall be allowed the credit provided in Section
59-10-1003
, relating to an
income tax imposed by another state, except that the limitation shall be computed by reference to the taxable
income of the estate or trust.
(3) The property of the
Utah Educational Savings Plan
Trust established in Title 53B, Chapter 8a,
Higher Education Savings Incentive Program, and its income from operations and investments are exempt from
all taxation by the state under this chapter.
Renumber remaining sections accordingly.
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