| HB 171 | Pamela Atkinson Homeless Trust Account |
|---|---|
| HB 240 | Venture Capital Enhancement Act |
| HB 299 | Trust Law Amendments |
| HB 305 | Individual Income Tax Contribution - Wolf Depredation and Management Restricted Account |
| SB 43 | Providing Information Relating to Tax Credits and Tax Filing Due Dates |
| SB 118 | Individual Income Tax - Adoption Expenses |
| SB 131 | Individual Income Tax Subtractions from Federal Taxable Income-Certain Capital Gains |
| 2001 HB 1006 | Individual Income Tax - Addition of Interest to Federal Taxable Income |
Renames the Homeless Trust Account to the Pamela Atkinson Homeless Trust Account.
Creates the Utah Venture Capital Enhancement Act and the Utah fund of funds to promote commerce, create new jobs, and strengthen and diversify the economy of the state. The statute reads that "a need exists to increase the availability of venture equity capital for emerging, expanding, and restructuring enterprises in Utah, including enterprises in the life sciences, advanced manufacturing, and information technology." To encourage investment, incentives will be offered to private persons for making investments in the Utah fund of funds.
Creates the Utah Capital Investment Board to establish the criteria and procedures for issuance, allocation, and redemption of contingent tax credits to investors by means of certificates issued by the board. The certificates are considered a contract between the board and the investor under which a contingent tax credit is available and issued to the investor.
The board and the Tax Commission will make rules governing the form, issuance, and redemption of the certificates. The certificates will be issued in conjunction with an investment in the Utah fund of funds by a designated investor. A contingent tax credit will be certified by the board only if the actual return to the designated investor is less than the return that was targeted at the issuance of the certificate.
Creates the Utah Capital Investment Corporation to organize the Utah fund of funds and manage seed and venture capital investments. The corporation will solicit investment plan proposals throughout the nation for the raising and investing of capital by the Utah fund of funds.
Expands the definition of "trust company." Only the following may be a trust company:
Provides that a trust is administered in this state, and therefore a resident trust, if:
Provides that irrevocable trust income is not subject to Utah tax if the trust first became a resident trust on or after 1/1/04 and the trustee is a trust company.
Income in an irrevocable trust consisting of interest, capital gains, and dividends will not be subject to tax if:
Provides an individual income tax contribution of at least $1 to the Wolf Depredation and Management Restricted Account on the taxpayer's individual income tax return.
Contributions and interest deposited into the account will be used by the Division of Wildlife Resources for:
If contributions generate less that $30,000 a year for 3 consecutive years, designation for the contribution will be removed from the income tax return and the Tax Commission may not collect the contribution from a taxpayer beginning 2 taxable years after the three-year period for which the contribution generates less than $30,000 per year.
Applicants of the following tax credits are no longer required to attach copies of tax credit eligibility forms or written statements confirming certification to their individual income or corporate franchise tax returns. For record keeping purposes, the applicants must retain documents confirming the tax credits.
Repeals the requirement that a partnership enclose a copy of its federal partnership return with the state return.
Extends the due date for electronic filing of individual income tax with the Tax Commission to match any extended filing date the IRS allows for electronically filed returns.
For the Low Income Housing Tax Credit, a housing sponsor is still required to attach Form TC-40LIS, Credit Share Summary of Low-Income Housing Project, to the housing sponsor's tax return for each taxable year for which the sponsor issues a tax credit certificate for low-income housing.
The Utah Housing Corporation determines the amount of credit and issues an allocation certificate to the qualifying housing sponsor. In turn, the housing sponsor provides a copy of the allocation certificate to each taxpayer that is issued a special low-income housing tax credit certificate. The housing sponsor is also required to provide the Tax Commission with a list of the taxpayers issued a special low-income housing tax credit certificate and the amount of each tax credit (form TC-40LIS).
Allows an individual to subtract adoption expenses from federal taxable income in:
Adoptions expenses mean any actual medical and hospital expenses of the mother of the adopted child which are incident to:
The amount of adoption expenses shall be subtracted from the federal taxable income of a resident or nonresident individual for one of the following taxable years regardless of whether a court issues an order granting the adoption. This is true for the taxable year in which the adoption expenses are:
Provides a subtraction from federal taxable income for long term and short term capital gain on a capital gain transaction:
For taxable years on or after 1/1/2003, bonds, notes, other evidence of indebtedness, or the interest or dividends earned are no longer exempt from Utah income tax if issued by one of the following entities:
Interest and dividends earned from bonds purchased before 1/1/2003 are not taxable. However, income received from reinvested interest and dividends is taxable.
Interest from bonds, notes, and other evidence of indebtedness may not be added to the federal taxable income of a taxpayer if the entities outlined above reside in a state that does not impose an income tax on Utah bonds, notes, and other indebtedness. For more detail, read Utah Taxation of Municipal Bond Interest.
