H.B. 222

1

INDIVIDUAL INCOME TAX CREDIT FOR A
2 RESIDENTIAL SECURITY CONTAINER
3 2001 GENERAL SESSION
4 STATE OF UTAH
5 Sponsor: Chad E. Bennion
6 Rebecca D. Lockhart
Wayne A. Harper
James A. Ferrin

7 This act modifies the individual income tax act to create a refundable individual income tax
8 credit for the purchase of a residential security container. This act has retrospective
9 operation to January 1, 2001.
10 This act affects sections of Utah Code Annotated 1953 as follows:
11 ENACTS:
12 59-10-133, Utah Code Annotated 1953
13 Be it enacted by the Legislature of the state of Utah:
14 Section 1. Section 59-10-133 is enacted to read:
15 59-10-133. Refundable credit for purchase of a residential security container.
16 (1) As used in this section:
17 (a) (i) "Purchase price" means the amount an individual pays for a residential security
18 container.
19 (ii) "Purchase price" does not include an amount of tax imposed on a purchase of a
20 residential security container.
21 (b) "Residential security container" means a residential security container described in
22 Underwriters Laboratories, Inc. Standard for Safety UL 1037, Antitheft Alarms and Devices, Fifth
23 Edition, as revised February 24, 1999.
24 (2) For taxable years beginning on or after January 1, 2001, but beginning on or before
25 December 31, 2011, except as provided in Subsection (3), an individual purchasing a residential
26 security container during the taxable year may claim on the individual's individual income tax
27 return a refundable credit equal to the lesser of:

28 (a) the amount of the purchase price; or
29 (b) $150.
30 (3) Notwithstanding Subsection (2), an individual:
31 (a) may only claim the credit for the taxable year during which the individual purchased
32 the residential security container;
33 (b) may not carry forward or carry back a credit authorized by this section; and
34 (c) may not claim a credit for more than one residential security container on each
35 individual income tax return.
36 Section 2. Retrospective operation.
37 This act has retrospective operation for taxable years beginning on or after January 1, 2001.




Legislative Review Note
as of 12-28-00 8:33 AM

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

Office of Legislative Research and General Counsel