Wednesday, June 16, 2021 | 1:15 PM | 445 State Capitol

Approximate

Time frame

1. Committee Business

· Call to order

· Approval of the minutes of the May 18, 2021, meeting

2. Utah Rural Jobs Act Audit Review

The committee will review the audit, “A Limited Review of the Utah Rural Jobs Act,” that was requested by the committee during the 2020 Interim and recently released by the Office of the Legislative Auditor General.

· Darin Underwood, Deputy Auditor General, Office of the Legislative Auditor General

· Nicole Luscher, Audit Supervisor, Office of the Legislative Auditor General

· Governor’s Office of Economic Development

· Public comment

· Committee discussion/action

3. Overview of Federal American Rescue Plan Act (ARPA) Provisions

The committee will receive an update on the Treasury Department’s guidance related to the prohibition on using ARPA funds for state tax cuts, as well as from the Office of the Attorney General as to the status of the ongoing lawsuit over those provisions. The committee will also discuss the tax treatment of Paycheck Protection Program (PPP) loans.

· Committee staff

· Melissa Holyoak, Solicitor General, Office of the Attorney General

· Public Comment

· Committee discussion/action

4. Property Tax Issues

The committee will discuss various property tax issues to determine if future action is needed. Issues include the circuit breaker provisions, deferrals, and business tangible personal property.

· Committee staff

· Sen. McCay

· Rep. Spendlove

· Sen. Fillmore

· Public comment

· Committee discussion/action

5. Utility Adjustment Calculation for Circuit Breaker Rent Relief

The committee will hear from the Utah State Tax Commission regarding the treatment of utilities as a portion of rent when determining the amount of tax credit a qualified taxpayer may claim under Section 59-2-1209.

· Utah State Tax Commission

· Public comment

· Committee discussion/action

6. Electing Small Business Trust (ESBT) S-corp Subtraction from Income

The committee will hear from the Utah State Tax Commission regarding the issue of whether a subtraction from income should be authorized for S-corp losses that are realized by a Utah estate or trust.

· Utah State Tax Commission

· Public Comment

· Committee discussion/action

7. Telecommunications Taxation

The committee will discuss the assessment of telecommunications assets for the purpose of property tax.

· Sen. Bramble

· Public comment

· Committee discussion/action

8. Other Items/Adjourn