H.B. 340

1

TAX EXPENDITURE REPORT AMENDMENTS
2 2003 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: David Clark
5 This act modifies provisions relating to Revenue and Taxation to require the State Tax
6 Commission to prepare a biennial report on the impact on state revenues of income tax
7 exemptions and to submit the report to the Legislature.
8 This act affects sections of Utah Code Annotated 1953 as follows:
9 ENACTS:
10 59-1-213, Utah Code Annotated 1953
11 Be it enacted by the Legislature of the state of Utah:
12 Section 1. Section 59-1-213 is enacted to read:
13 59-1-213. Biennial report on impact of income tax exemptions.
14 (1) By December 1 of each even-numbered year, beginning in 2004, the commission
15 shall prepare a report on the impact of constitutional and statutory exemptions on income tax
16 revenues under Chapter 7, Corporate Franchise and Income Taxes, and Chapter 10, Individual
17 Income Tax Act.
18 (2) The commission shall submit each report required under this section to the
19 Executive Appropriations Committee of the Legislature at the time during an even-numbered
20 year that the governor submits the governor's budget to the Legislature.
21 (3) Each report required under this section shall:
22 (a) identify each constitutional and statutory exemption from income tax;
23 (b) state the amount of income tax revenue that the state would have received during
24 the preceding biennium except for the constitutional and statutory exemptions; and
25 (c) state the amount of income tax revenue the state is projected to forego during the
26 next biennium due to the constitutional and statutory exemptions.

Legislative Review Note
as of 2-18-03 5:14 PM

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

Office of Legislative Research and General Counsel