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H.B. 347

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GROSS RECEIPTS TAXES - RATES

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REDUCTION AND REPEAL

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1997 GENERAL SESSION

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STATE OF UTAH

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Sponsor: Michael R. Styler

6    AN ACT RELATING TO REVENUE AND TAXATION; REDUCING THE GROSS RECEIPTS
7    TAX RATES IMPOSED UPON CERTAIN CORPORATIONS NOT REQUIRED TO PAY
8    CORPORATE FRANCHISE OR INCOME TAXES; REPEALING THE GROSS RECEIPTS
9    TAX ON ELECTRICAL CORPORATIONS ACT; REPEALING OBSOLETE LANGUAGE;
10    MAKING TECHNICAL CHANGES; PROVIDING FOR RETROSPECTIVE OPERATION;
11    AND PROVIDING AN EFFECTIVE DATE.
12    This act affects sections of Utah Code Annotated 1953 as follows:
13    AMENDS:
14         59-8-104, as last amended by Chapter 273, Laws of Utah 1996
15    REPEALS:
16         54-7-12.2, as enacted by Chapter 278, Laws of Utah 1995
17         59-8a-101, as enacted by Chapter 278, Laws of Utah 1995
18         59-8a-102, as enacted by Chapter 278, Laws of Utah 1995
19         59-8a-103, as enacted by Chapter 278, Laws of Utah 1995
20         59-8a-104, as last amended by Chapter 273, Laws of Utah 1996
21         59-8a-105, as enacted by Chapter 278, Laws of Utah 1995
22         59-8a-106, as enacted by Chapter 278, Laws of Utah 1995
23    Be it enacted by the Legislature of the state of Utah:
24        Section 1. Section 59-8-104 is amended to read:
25         59-8-104. Rate -- Change of rate.
26        [(1)] For taxable years beginning on or after July 1, [1996] 1997, an in lieu excise tax is
27    imposed on the gross receipts of a taxpayer engaging in business in the state of Utah in each

1    taxable year as follows:
2            Gross Receipts Amount                Rate of Tax
3        Not in excess of $10,000,000                     None
4        In excess of $10,000,000 but not
5         in excess of $500,000,000                     [.8613%] .6250%
6        In excess of $500,000,000 but not
7         in excess of $1,000,000,000                [1.3214%] .9375%
8        In excess of $1,000,000,000                    [1.7520%] 1.2500%
9        [(2) A taxpayer subject to the in lieu excise tax under Subsection (1) is not required to pay
10    the tax imposed under Title 59, Chapter 8a, Gross Receipts Tax on Electrical Corporations Act.]
11        Section 2. Repealer.
12        This act repeals:
13        Section 54-7-12.2, Property tax decrease -- Rate decrease -- Procedure.
14        Section 59-8a-101, Title.
15        Section 59-8a-102, Purpose.
16        Section 59-8a-103, Definitions.
17        Section 59-8a-104, Rate -- Change of rate.
18        Section 59-8a-105, Time for filing of return -- Other applicable provisions.
19        Section 59-8a-106, Rulemaking authority.
20        Section 3. Retrospective operation.
21        Sections 54-7-12.2, 59-8a-101, 59-8a-102, 59-8a-103, 59-8a-104, 59-8a-105, and
22    59-8a-106 are repealed retrospectively to January 1, 1997.
23        Section 4. Effective date.
24        Section 59-8-104 takes effect on July 1, 1997.




Legislative Review Note
    as of 2-4-97 11:53 AM

A limited legal review of this bill raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


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