House of Representatives State of Utah


         UTAH STATE CAPITOL COMPLEX . 350 STATE CAPITOL
Figure

Graphic file number 0 named letter~1.jpg with height 78 p and width 81 p Left aligned
         P.O. BOX 145030 . SALT LAKE CITY, UTAH 84114-5030 . (801) 538-1029         January 22, 2008

Mr. Speaker:

    The Revenue and Taxation Committee reports a favorable recommendation on H.B. 52, RESEARCH ACTIVITIES TAX CREDITS AMENDMENTS, by Representative J. Dougall, with the following amendments:


1.    Page 2, Lines 37 through 45 :    

             37          (1) (a) A taxpayer meeting the requirements of this section may claim the following
             38      nonrefundable tax credits:
             39          (i) a research tax credit of

{   7%   }        5%       of the taxpayer's qualified research expenses for the

             40      current taxable year that exceed the base amount provided for under Subsection (4);
             41          (ii) a tax credit for [payments] a payment to a qualified [organizations] organization for
             42      basic research as provided in Section 41(e), Internal Revenue Code, of
{   7%   }        5%       for the current

             43      taxable year that exceed the base amount provided for under Subsection (4); and
             44          (iii) a tax credit equal to
  :

    (A) for the taxable year beginning on or after January 1, 2008, but beginning on or before December 31, 2008,  
5% of the taxpayer's qualified research expenses for the

             45      current taxable year
{   .   }        ;

    (B) for the taxable year beginning on or after January 1, 2009, but beginning on or before December 31, 2009, 6.3% of the taxpayer's qualified research expenses for the current taxable year; or
    (C) for taxable years beginning on or after January 1, 2010, 9.2% of the taxpayer's qualified research expenses for the current taxable year.  


2.    Page 8, Lines 223 through 232 :    

             223          (1) (a) A claimant, estate, or trust meeting the requirements of this section may claim

             224      the following nonrefundable tax credits:
             225          (i) a research tax credit of
{   7%   }        5%       of the claimant's, estate's, or trust's qualified research

             226      expenses for the current taxable year that exceed the base amount provided for under
             227      Subsection (3);
             228          (ii) a tax credit for [payments] a payment to a qualified [organizations] organization for
             229      basic research as provided in Section 41(e), Internal Revenue Code of
{   7%   }        5%       for the current

             230      taxable year that exceed the base amount provided for under Subsection (3); and
             231          (iii) a tax credit equal to
  :

    (A) for the taxable year beginning on or after January 1, 2008, but beginning on or before December 31, 2008,  
5% of the claimant's, estate's, or trust's qualified research

             232      expenses for the current taxable year
{   .   }        ;      

      (B) for the taxable year beginning on or after January 1, 2009, but beginning on or before December 31, 2009, 6.3% of the claimant's, estate's, or trust's qualified research expenses for the current taxable year; or

    (C) for taxable years beginning on or after January 1, 2010, 9.2% of the claimant's, estate's, or trust's qualified research expenses for the current taxable year.  

    

    Respectfully,

    John Dougall
    Committee Chair

Voting: 12-0-3
3 HB0052.HC1.wpd 1/22/08 9:50 am bhowe/BRH RLR/BRH

Bill Number
Action Class
Action Code

*HB0052*
*H*
*HCRAMD*

 HB0052
H
HCRAMD