Fiscal Note
SB0136S01 - Apportionment of Business Income and Deduction of Net Losses by an Acquired Corporation
State Impact:
Due to the net loss an acquired corporation may deduct against tax liability, enactment of this bill is likely to lead to a loss in revenue to the Uniform School Fund. The magnitude of the loss to the Uniform School Fund is unknown.
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| Total | $0 | $0 | $0 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
Individuals or businesses in Utah that perform certain financial services out-of-state are likely to benefit, whereas individuals or businesses that reside elsewhere but perform certain financial services consumed in Utah are likely to see some increase in individual tax liability. In addition, the bill addresses the amount of net loss an acquired corporation may deduct against tax liability. Individuals and businesses involved in acquisitions may benefit.
| 2/22/2008, 9:50:11 AM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |