REVISED AGENDA

REVENUE AND TAXATION INTERIM COMMITTEE

UTAH LEGISLATURE

September 20, 2017 • 10:30 a.m. • Room 445 State Capitol

1. Committee Business

· Call to order

· Committee bill files opened by the chairs since the last meeting

· Approval of the minutes of the August 23 and August 30, 2017, meetings

2. Apportionment of Business Income - Single Sales Factor

The committee will continue to discuss draft legislation “Income Tax Reform,” including business income tax issues related to economic nexus and how often certain taxpayers may elect an apportionment formula.

· Draft legislation “Income Tax Reform”

· Public comment

· Committee discussion/action

3. Addressing the Impact of Sales Tax Exemptions on Local Revenue

· Utah League of Cities and Towns

· Public comment

· Committee discussion/action

4. Sales Taxation of Food and Food Ingredients

The Office of the Legislative Fiscal Analyst will provide additional fiscal information in response to questions asked about this issue at the committee’s August 30 meeting.

· Office of the Legislative Fiscal Analyst

· Public comment

· Committee discussion/action

5. Technical Cleanup of Local Option Sales and Use Tax Distribution Formula

· Draft legislation “Local Option Sales and Use Tax Distribution Formula Amendments” - Committee staff

· Public comment

· Committee discussion/action

6. Using Population to Distribute Local Sales Tax Revenue Generated by Destination Sourced Sales

· Revenue projections based on census population - State Tax Commission

· Daytime population - Committee staff

· Public comment

· Committee discussion/action

7. Review of Income Tax Credits

The committee will receive a statutorily required report from the Office of the Legislative Fiscal Analyst on income tax credits related to production costs of state-approved motion picture production and investment in a life science establishment that is developing or manufacturing biotechnologies, medical devices, medical diagnostics, or pharmaceuticals.

· Office of the Legislative Fiscal Analyst

· Public comment

· Committee discussion/action

8. Sales Tax Exemption Study

· Update - State Tax Commission and Office of the Legislative Fiscal Analyst

· Public comment

· Committee discussion/action

9. Other Items/Adjourn

· Next meeting on October 4

· Open committee bill files