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This document includes House Floor Amendments incorporated into the bill on Mon, Mar 11, 2013 at 8:01 PM by jeyring. --> 1
7 LONG TITLE
8 General Description:
9 This bill enacts a state earned income tax credit and provides for transfers from the
10 General Fund into the Education Fund in the amount of tax credit claimed.
11 Highlighted Provisions:
12 This bill:
13 . enacts a state earned income tax credit;
14 . provides for apportionment of the tax credit;
15 . requires transfers from the General Fund into the Education Fund in the amount of
16 tax credit claimed;
17 . grants rulemaking authority to the State Tax Commission; and
18 . makes technical and conforming changes.
19 Money Appropriated in this Bill:
21 Other Special Clauses:
22 This bill has retrospective operation for a taxable year beginning on or after January 1,
24 Utah Code Sections Affected:
26 59-10-1102.1, Utah Code Annotated 1953
27 59-10-1110, Utah Code Annotated 1953
29 Be it enacted by the Legislature of the state of Utah:
30 Section 1. Section 59-10-1102.1 is enacted to read:
31 59-10-1102.1. Apportionment of tax credit.
32 A nonresident individual or a part-year resident individual that claims a tax credit in
33 accordance with Section 59-10-1110 may only claim an apportioned amount of the tax credit
34 equal to the product of:
35 (1) the state income tax percentage for the nonresident individual or part-year resident
36 individual; and
37 (2) the amount of the tax credit that the nonresident individual or part-year resident
38 individual would have been allowed to claim but for the apportionment requirements of this
40 Section 2. Section 59-10-1110 is enacted to read:
41 59-10-1110. State earned income tax credit.
42 (1) As used in this section, "federal earned income tax credit" means the amount of the
43 federal earned income tax credit a claimant claims as allowed for a taxable year in accordance
44 with Section 32, Internal Revenue Code, on the claimant's federal individual income tax return.
45 (2) Except as provided in Section 59-10-1102.1 and subject to H. [
45a other provisions of this section .H , a
46 claimant may claim a refundable earned income tax credit equal to 5% of the federal earned
47 income tax credit.
48 (3) A claimant may not carry forward or carry back a tax credit provided for under this
49a H. (4) A claimant may not claim a tax credit under this section for more than four
49b taxable years.
51 H. [
51a into the Education
52 Fund an amount equal to the amount of tax credit claimed under this section.
53 H. [
53a Rulemaking Act, the
54 commission may make rules:
55 (a) providing procedures for issuing refunds for a tax credit claimed under this section;
57 (b) making a transfer from the General Fund into the Education Fund as required by
58 Subsection H. [
59 Section 3. Retrospective operation.
60 This bill has retrospective operation for a taxable year beginning on or after January 1,
Legislative Review Note
as of 2-4-13 11:05 AM