AGENDA

REVENUE AND TAXATION INTERIM COMMITTEE

UTAH LEGISLATURE

Wednesday, August 15, 2018 • 8:30 a.m. • Room 445 State Capitol

1) Committee Business

· Call to order

· Approval of the minutes of the July 12 and 18, 2018, meetings

2) Sales Tax Collection on Remote Sales

In response to the recent United States Supreme Court decision in South Dakota v. Wayfair, the Legislature passed a bill to define when remote sellers must collect and remit sales tax on transactions made in Utah. The committee will have a discussion on the projected fiscal impacts of this change and how it may potentially impact other areas of Utah’s tax code.

· Sen. Wayne Harper

· Representatives from the Utah Tax Commission

· Representatives from the Legislative Fiscal Analyst Office

· Committee discussion

3) Potential Changes to Utah Income Tax Code in Response to Federal Tax Reform

The committee has considered several different pieces of draft legislation during the interim that would amend Utah’s income tax code to address issues created by the recent federal tax reform. Some of these issues were addressed during the Special Session in July, while others remain outstanding. The committee will receive an update on the current status of these items.

· Committee staff

· Sen. Stephenson and Rep. Eliason

· Committee discussion/action

4) Property Tax Valuation Process

The committee will consider draft legislation, similar to 2018 General Session HB 307, that modifies the property tax valuation and appeals processes for county assessed real property. The committee will also hear a proposal to apply a similar process to centrally assessed real property.

· Draft legislation 2019FL0039 “Property Tax Amendments” – Rep. Timothy Hawkes

· Public comment

· Committee discussion/action

5) Nexus Standard for Utah Corporate Income Tax

The committee will discuss draft legislation that would amend the corporate income tax code by defining when a corporation is doing business or exercising a corporate franchise in the state for income tax purposes.

· Draft legislation 2019FL0520 “Income Tax Provisions” – Committee staff

· Representatives from the Utah Tax Commission

· Mr. Steve Young, Partner, Holland & Hart

· Public comment

· Committee discussion/action

6) Other Items/Adjourn