1st Sub.
H.B.
74
PROPERTY TAX MODIFICATIONS
House Floor
Amendments
Amendment 1 February 8, 2013 7:54 AM
Representative
Earl D. Tanner
proposes the following amendments:
1. Page
11, Line 313 through Page 12, Line 345
:
313
all rights and privileges appertaining to these; and
314
(c) improvements.
(31) "Relationship with an owner of the property's land surface rights" means a relationship
described in Subsection 267(b), Internal Revenue Code:
(a) except that notwithstanding Subsection 267(b), Internal Revenue Code, the term 1% shall be
substituted for the term 50% in Subsection 267(b), Internal Revenue Code; and
(b) using the ownership rules of Subsection 267(c), Internal Revenue Code, for determining the
ownership of stock.
315
{
(31)
}
(32)
"Residential property," for the purposes of the reductions and adjustments under
316
this chapter, means any property used for residential purposes as a primary residence. It does
317
not include property used for transient residential use or condominiums used in rental pools.
318
{
(32)
}
(33)
"Split estate mineral rights owner" means a person who:
319
(a) has a legal right to extract a mineral from property;
320
(b) does not hold more than a 1% interest in:
321
(i) the property's land surface rights; or
322
(ii) an entity with an ownership interest in the property's land surface rights;
323
(c) is not an entity in which the owner of the property's land surface rights holds more
324
than a 1% interest; and
325
(d) does not have a relationship with an owner of the property's land surface rights
{
that
326
is a relationship described in Subsection 267(b), Internal Revenue Code, except that the term
327
1% shall be substituted for the term 50% in Subsection 267(b), Internal Revenue Code
}
.
328
[(32)]
{
(33)
}
(34)
(a) "State-assessed commercial vehicle" means:
329
(i) any commercial vehicle, trailer, or semitrailer which operates interstate or intrastate
330
to transport passengers, freight, merchandise, or other property for hire; or
331
(ii) any commercial vehicle, trailer, or semitrailer which operates interstate and
332
transports the vehicle owner's goods or property in furtherance of the owner's commercial
333
enterprise.
334
(b) "State-assessed commercial vehicle" does not include vehicles used for hire which
335
are specified in Subsection (8)(c) as county-assessed commercial vehicles.
336
[(33)]
{
(34)
}
(35)
"Taxable value" means fair market value less any applicable reduction
337
allowed for residential property under Section
59-2-103
.
338
[(34)]
{
(35)
}
(36)
"Tax area" means a geographic area created by the overlapping boundaries
339
of one or more taxing entities.
340
[(35)]
{
(36)
}
(37)
"Taxing entity" means any county, city, town, school district, special taxing
341
district, local district under Title 17B, Limited Purpose Local Government Entities - Local
342
Districts, or other political subdivision of the state with the authority to levy a tax on property.
343
[(36)]
{
(37)
}
(38)
"Tax roll" means a permanent record of the taxes charged on property, as
344
extended on the assessment roll and may be maintained on the same record or records as the
345
assessment roll or may be maintained on a separate record properly indexed to the assessment
2. Page
16, Line 489 through Page 17, Line 502
:
489
(10) Land that becomes ineligible for assessment under this part only as a result of a
490
split estate mineral rights owner exercising the right to extract a mineral is not subject to the
491
rollback tax:
492
(a) (i) for the portion of the land required by a split estate mineral rights owner to
493
extract a mineral if, after the split estate mineral rights owner exercises the right to extract a
494
mineral, the
portion of the
property
that remains in agricultural production
still meets the acreage
requirements of Section
59-2-503
for assessment
495
under this part; or
496
(ii) for the entire acreage that would otherwise qualify for assessment under this part if,
497
after the split estate mineral rights owner exercises the right to extract a mineral, the
{
property
}
entire
acreage that would otherwise qualify for assessment under this part
498
no longer meets the acreage requirements of Section
59-2-503
for assessment under this part
499
only due to the extraction of the mineral by the split estate mineral rights owner; and
500
(b) for the period of time that the property described in Subsection (10)(a) is ineligible
501
for assessment under this part due to the extraction of a mineral by the split estate mineral
502
rights owner.
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