Third Substitute S.B. 208

Senator Scott D. McCoy proposes the following substitute bill:

1 REPORTING OF TAX INFORMATION
2 2006 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: Scott D. McCoy
5 House Sponsor: ____________
6
7 LONG TITLE
8 General Description:
9 This bill directs the State Tax Commission to annually report to the Legislature certain
10 information regarding selected adjustments, credits, exemptions, and tax relief
11 programs.
12 Highlighted Provisions:
13 This bill:
14 . specifies the information to be contained in the report; and
15 . provides that the State Tax Commission may not report information that violates
16 confidentiality laws.
17 Monies Appropriated in this Bill:
18 None
19 Other Special Clauses:
20 None
21 Utah Code Sections Affected:
22 ENACTS:
23 59-1-214, Utah Code Annotated 1953
24
25 Be it enacted by the Legislature of the state of Utah:

26 Section 1. Section 59-1-214 is enacted to read:
27 59-1-214. Report to Legislature -- Contents.
28 (1) Except as provided in Subsection (4), and no later than February 1 of each year, the
29 commission shall provide to the Legislature, for the calendar year preceding the last calendar
30 year, the report described in Subsection (2).
31 (2) The report shall, for each adjustment, credit, exemption, or tax relief program listed
32 in Subsection (3):
33 (a) identify the statutory authority;
34 (b) identify the types of persons and entities that receive a benefit;
35 (c) list either the actual amount of revenue loss or an estimate of the revenue loss if the
36 actual amount cannot be determined; and
37 (d) list the number of taxpayers who claimed each adjustment, credit, exemption, or tax
38 relief program.
39 (3) The report shall include the following:
40 (a) each tax credit described in Title 59, Chapter 10, "Individual Income Tax Act";
41 (b) each subtraction from federal taxable income described in Subsection
42 59-10-114 (2);
43 (c) each exemption from the sales and use tax described in Section 59-12-104 ;
44 (d) each tax credit described in Title 59, Chapter 7, "Corporate Franchise and Income
45 Tax";
46 (e) the contingent tax credit described in Title 63, Chapter 38f, Part 12, "Utah Venture
47 Capital Enhancement Act";
48 (f) the tax credits described in Sections 63-38f-413 and 63-38f-502 ;
49 (g) the exemption described in Section 59-2-103 ;
50 (h) the adjustment described in Subsection 59-2-913 (3)(b)(i)(B);
51 (i) the exemption described in Section 59-2-1104 ; and
52 (j) the tax relief described in Title 59, Chapter 2, Part 12, "Property Tax Relief."
53 (4) The commission may not include information in a report under this section if
54 including the information would violate Section 59-1-403 .