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7 LONG TITLE
8 General Description:
9 This bill enacts provisions relating to tax credits for small employers.
10 Highlighted Provisions:
11 This bill:
12 ▸ defines terms; and
13 ▸ establishes an income tax credit for certain small employers that offer employees
14 access to a qualified retirement plan.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 ENACTS:
21 59-7-621, Utah Code Annotated 1953
22 59-10-1038, Utah Code Annotated 1953
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24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 59-7-621 is enacted to read:
26 59-7-621. Nonrefundable tax credit for small employer's participation in
27 retirement.
28 (1) As used in this section:
29 (a) "Participating employer" means a small employer that offers a qualified plan to the
30 employer's employees for voluntary enrollment.
31 (b) "Qualified plan" means a retirement plan that meets the requirements of the
32 Employee Retirement Income Security Act of 1974, 29 U.S.C. Sec. 1001 et seq.
33 (c) "Small employer" means an employer in the state that has at least ten, but fewer
34 than 20 employees who work in the state.
35 (2) For a taxable year that begins on or after January 1, 2018, and before January 1,
36 2019, a participating employer may claim a $500 nonrefundable tax credit for the taxable year
37 in which the participating employer first offers a qualified plan.
38 (3) A participating employer may not carry forward or carry back a tax credit described
39 in this section.
40 Section 2. Section 59-10-1038 is enacted to read:
41 59-10-1038. Nonrefundable tax credit for small employer's participation in
42 retirement.
43 (1) As used in this section:
44 (a) "Participating employer" means a small employer that offers a qualified plan to the
45 employer's employees for voluntary enrollment.
46 (b) "Qualified plan" means a retirement plan that meets the requirements of the
47 Employee Retirement Income Security Act of 1974, 29 U.S.C. Sec. 1001 et seq.
48 (c) "Small employer" means an employer in the state that has at least ten, but fewer
49 than 20 employees who work in the state.
50 (2) For a taxable year that begins on or after January 1, 2018, and before January 1,
51 2019, a participating employer may claim a $500 nonrefundable tax credit for the taxable year
52 in which the participating employer first offers a qualified plan.
53 (3) A participating employer may not carry forward or carry back a tax credit described
54 in this section.