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S.B. 41 Enrolled

    

COAL TAX CREDIT

    
1997 GENERAL SESSION

    
STATE OF UTAH

    
Sponsor: Mike Dmitrich

    AN ACT RELATING TO REVENUE AND TAXATION; AUTHORIZING THE UTAH STEAM
    COAL TAX CREDIT FOR AN ADDITIONAL FIVE YEARS; PROVIDING THAT THE
    CREDIT MAY BE CARRIED FORWARD UNDER CERTAIN CIRCUMSTANCES;
    MAKING TECHNICAL CHANGES; PROVIDING FOR RETROSPECTIVE
    OPERATION; PROVIDING A REPEAL DATE; AND PROVIDING A
    COORDINATION CLAUSE.
    This act affects sections of Utah Code Annotated 1953 as follows:
    AMENDS:
         59-7-604, as last amended by Chapter 42, Laws of Utah 1995
    ENACTS:
         63-55b-5901, Utah Code Annotated 1953
    Be it enacted by the Legislature of the state of Utah:
        Section 1. Section 59-7-604 is amended to read:
         59-7-604. Utah steam coal tax credit.
        (1) For taxable years beginning on or after January 1, 1993, there is allowed, as a
    nonrefundable credit against any taxes imposed by this chapter or Chapter 8, an amount equal to
    $1 per ton for each ton of Utah steam coal sold [from a permitted mine by the taxpayer to a
    purchaser outside of the United States in excess of] during the taxpayer's current taxable year that
    exceeds the number of tons of Utah steam coal sold [from a permitted mine by the taxpayer to a
    purchaser outside of the United States in the] during the taxpayer's taxable year beginning:
        (a) on or after January 1, 1992, but:
        (b) before December 31, 1992.
        (2) For purposes of this section, "Utah steam coal sold" means coal:
        (a) mined in Utah, as certified by the producer of [such] the coal[.]; and
        (b) that is sold:


        (i) by the taxpayer;
        (ii) from a permitted mine; and
        (iii) to a purchaser outside of the United States.
        (3) If the amount of a credit under this section for which a taxpayer is eligible for the taxable
    year exceeds the taxpayer's tax liability for the taxable year, the taxpayer may carry forward for 15
    taxable years the portion of the tax credit that exceeds the taxpayer's tax liability for the taxable year.
        [(3)] (4) The credit allowed by this section is repealed effective for [tax] taxable years
    beginning on or after January 1, [1997] 2002.
        Section 2. Section 63-55b-5901 is enacted to read:
         63-55b-5901. Repeal Date -- Title 59.
        Section 59-7-604 is repealed January 1, 2002.
        Section 3. Retrospective operation.
        This act has retrospective operation for taxable years beginning on or after January 1, 1997.
        Section 4. Coordination clause.
        If this bill and H.B. 180, Sunset Reauthorizations, both pass, it is the intent of the Legislature
    that the amendments in Section 59-7-604 in this bill superseded the repeal of Section 59-7-604 in
    H.B. 180.

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