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Revenue and Taxation Interim Committee - October 11, 2023
445 State Capitol
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Chair Eliason called the meeting to order at 1:43 p.m.
Recording 1
Committee Business
Rep. Lesser moved to approve the minutes of the September 18, 2023, meeting.
Chair Eliason informed the committee that the chairs opened a committee bill file subsequent to the September 18, 2023, meeting.
Lease Revenue Bonds
Alex R. Janak introduced school district use of lease revenue bonds.
Todd Hauber, President, Utah Association of School Business Officials, and Randy Larsen, Attorney, Gilmore and Bell, described what lease revenue bonds are and presented an experience of school district use of those bonds.
2. Lease Revenue Bonds and Property Tax Questions
The committee asked questions and Randy Larsen, Matt Dugdale, Managing Director, Stifel Nicolaus and Company, and Todd Hauber responded.
Rep. Dailey-Provost asked a question of Rep. Brammer and he responded.
The committee asked further questions and Randy Larsen responded.
Todd Hauber continued to present an experience of school district use of lease revenue bonds.
Matt Dugdale provided additional information.
Rep. Dailey-Provost asked a question and Randy Larsen and Matt Dugdale responded.
Rusty Cannon, President, Utah Taxpayer Association, provided additional information regarding school district use of lease revenue bonds.
The committee asked questions and Rusty Cannon responded.
Sen. Fillmore provided an example for the committee.
Sen. Fillmore moved to open a committee bill file to address lease revenue bonds and the committee discussed.
Property Tax - Real Property Price Disclosure and Transfer Taxes
Sen. McCay introduced issues related to a required disclosure of real property prices when the ownership of the property is transferred.
3. Disclosure as Property Tax Valuation Tool Summary
Sen. McCay assumed the chair.
Chair McCay asked for the committee's thoughts on this issue.
Chair McCay requested that Rep. Thurston assume the chair and the committee discussed disclosure of property tax value issues further.
Rep. Eliason resumed the chair.
Sen. McCay responded to the issues that the committee brought up and continued to discuss.
Sales and Use Tax - Sales Tax Exemption for Political Subdivisions
Chris Stitt introduced amending Utah Code Section 59-12-104 regarding sales tax exemptions.
Rep. Stephen Whyte and Reid Carlson, Chairman of the Board, South Utah Valley Solid Waste District, presented amending Utah Code Section 59-12-104 regarding an existing sales tax exemption.
The committee asked questions and Reid Carlson and Rep. Whyte responded.
Chris Stitt provided additional information. The committee continued the discussion.
John Valentine, Commissioner, State Tax Commission, answered questions from the committee.
Income Tax Credit Review
Chris Stitt introduced a summary of Utah tax credits in 2023.
7a. Utah Tax Credits Summary 2023
Noah Hansen, Economist, Office of Legislative Fiscal Analyst, presented on the refundable motion picture tax credit and nonrefundable tax credit for investment in certain life science establishments.
7b. Tax Credit Analysis 2023 Presentation
The committee asked questions and Noah Hansen responded. The committee also discussed the continual review of these tax credits.
Andrea Valenti Arthur provided clarifying information and Noah Hansen answered further questions. The committee continued to discuss.
Legislative Audit - Intermountain Power Agency and Intermountain Power Plant
Brian Dean, Deputy Auditor General, Office of Legislative Auditor General (OLAG), and Matthias Boone, Senior Audit Supervisor, OLAG, presented the audit of the Intermountain Power Agency.
9a. Performance Audit of the Intermountain Power Agency Presentation
9b. Performance Audit of the Intermountain Power Agency
The committee asked questions and Brian Dean responded.
Cameron Cowan, General Manager, Intermountain Power Agency, Vicki Lyman, Commissioner, Millard County, and Steve Young, Attorney, Holland and Hart, responded to the audit.
Chair Eliason moved to recommend any further action to the Public Utilities, Energy, and Technology Interim Committee.
Other Items/Adjourn
Sen. Wilson moved to adjourn.
Chair Eliason adjourned the meeting at 3:55 p.m.
Committee Business
Committee Business
Lease Revenue Bonds
Lease Revenue Bonds
Property Tax - Real Property Price Disclosure and Transfer Taxes
Property Tax - Real Property Price Disclosure and Transfer Taxes
Sales and Use Tax - Sales Tax Exemption for Political Subdivisions
Sales and Use Tax - Sales Tax Exemption for Political Subdivisions
Tax Information Sharing Amendments - Draft Legislation
Tax Information Sharing Amendments - Draft Legislation
Earned Income Tax Credit Amendments - Draft Legislation
Earned Income Tax Credit Amendments - Draft Legislation
Income Tax Credit Review
Income Tax Credit Review
License Plates Administration
License Plates Administration
Legislative Audit - Intermountain Power Agency and Intermountain Power Plant
Legislative Audit - Intermountain Power Agency and Intermountain Power Plant
Other Items/Adjourn
Other Items/Adjourn
AGENDA
AGENDA
MINUTES
MINUTES
NOTICE
NOTICE
2. Lease Revenue Bonds and Property Tax Questions
2. Lease Revenue Bonds and Property Tax Questions
3. Disclosure as Property Tax Valuation Tool Summary
3. Disclosure as Property Tax Valuation Tool Summary
5. Tax Information Sharing Amendments V4
5. Tax Information Sharing Amendments V4
6a. Earned Income Tax Credit Amendments V3
6a. Earned Income Tax Credit Amendments V3
6b. Integration Transmission of Poverty Document
6b. Integration Transmission of Poverty Document
6c. Federal Earned Income Tax Credit Document
6c. Federal Earned Income Tax Credit Document
6d. Earned Income Tax Credit Presentation
6d. Earned Income Tax Credit Presentation
7a. Utah Tax Credits Summary 2023
7a. Utah Tax Credits Summary 2023
7b. Tax Credit Analysis 2023 Presentation
7b. Tax Credit Analysis 2023 Presentation
9a. Performance Audit of the Intermountain Power Agency Presentation
9a. Performance Audit of the Intermountain Power Agency Presentation
9b. Performance Audit of the Intermountain Power Agency
9b. Performance Audit of the Intermountain Power Agency
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