Bill Summary – FastDemocracy

Enrolled Copy                                                                        S.B. 69
                                 INCOME TAX AMENDMENTS
                                         2024 GENERAL SESSION
                                               STATE OF UTAH
                                      Chief Sponsor: Chris H. Wilson House Sponsor: Kay J. Christofferson Cosponsor:                         Wayne A. Harper Scott D. Sandall
       J. Stuart Adams Don L. Ipson Jerry W Stevenson Heidi Balderree John D. Johnson Daniel W. Thatcher Curtis S. Bramble Michael S. Kennedy Evan J. Vickers David G. Buxton Daniel McCay Todd D. Weiler Kirk A. Cullimore Michael K. McKell Ronald M. Winterton Lincoln Fillmore Ann Millner Keith Grover Derrin R. Owens
 2
  LONG TITLE
  General Description:
     This bill modifies income tax provisions.
  Highlighted Provisions:
     This bill:
     ▸ amends the corporate franchise and income tax rates; and
     ▸ amends the individual income tax rate.
  Money Appropriated in this Bill:
     None
  Other Special Clauses:
     This bill provides retrospective operation.
  Utah Code Sections Affected:
  AMENDS:
     59-7-104, as last amended by Laws of Utah 2023, Chapter 459
     59-7-201, as last amended by Laws of Utah 2023, Chapter 459
     S.B. 69                                                                               Enrolled Copy
       59-10-104, as last amended by Laws of Utah 2023, Chapter 459
19
   Be it enacted by the Legislature of the state of Utah:
           Section 1. Section 59-7-104 is amended to read:
           59-7-104 . Tax -- Minimum tax.
   (1) Each domestic and foreign corporation, except a corporation that is exempt under
       Section 59-7-102, shall pay an annual tax to the state based on the corporation's Utah
       taxable income for the taxable year for the privilege of exercising the corporation's
       corporate franchise or for the privilege of doing business in the state.
   (2) The tax shall be [4.65] 4.55% of a corporation's Utah taxable income.
   (3) The minimum tax a corporation shall pay under this chapter is $100.
           Section 2. Section 59-7-201 is amended to read:
           59-7-201 . Tax -- Minimum tax.
   (1) There is imposed upon each corporation, except a corporation that is exempt under
       Section 59-7-102, a tax upon the corporation's Utah taxable income for the taxable year
       that is derived from sources within this state other than income for any period that the
       corporation is required to include in the corporation's tax base under Section 59-7-104.
   (2) The tax imposed by Subsection (1) shall be [4.65] 4.55% of a corporation's Utah taxable
       income.
   (3) In no case shall the tax be less than $100.
           Section 3. Section 59-10-104 is amended to read:
           59-10-104 . Tax basis -- Tax rate -- Exemption.
   (1) A tax is imposed on the state taxable income of a resident individual as provided in this
       section.
   (2) For purposes of Subsection (1), for a taxable year, the tax is an amount equal to the
       product of:
       (a) the resident individual's state taxable income for that taxable year; and
       (b) [4.65] 4.55%.
   (3) This section does not apply to a resident individual exempt from taxation under Section
       59-10-104.1.
           Section 4. Effective date.
       This bill takes effect on May 1, 2024.
           Section 5. Retrospective operation.
   This bill has retrospective operation for a taxable year beginning on or after January
                                                      -2-
     Enrolled Copy         S.B. 69
  1, 2024.
                     -3-
Statutes affected: 
Introduced: 59-7-104, 59-7-201, 59-10-104
Enrolled: 59-7-104, 59-7-201, 59-10-104