Follow the 2016 Legislative Session
Monday, February 1, 2016
Posted by: Amy Spencer
The 2016 legislative session began January 26 and the UACPA is keeping an eye on the following bills. If you have comments or questions, please contact us at firstname.lastname@example.org or call 801.466.8022.
HB0170: Medical Care Savings Account Tax Credit Repeal —Repeals the medical care savings account tax credit
HB0180: Sales and Use Tax Exemption Amendments — Repeals the provision related to the economic life of machinery and equipment and amends the sales and use tax exemption to include certain materials.
HB0190: International Tax Credits — Creates a non-refundable income tax credit for certain manufacturing and construction entities that pay a tax to a foreign country.
SB0015: Apportionment of Business Income Amendments —Addresses the apportionment of business income for purposes of corporate franchise and income taxes.
SB0016: Tax Credit Amendments — Repeals a provision that prohibits a person from carrying forward a tax credit if the State Tax Commission is required to remove the tax credit from the tax return, etc.
SB0073: Medical Cannabis Act — Modifies and enacts provisions related to medical marijuana
SB00017: Revenue and Taxation Amendments - Clarifies the formula for calculating oil and gas severance tax.
SB0085: Sales and Use Tax Compliance Amendments — Addresses the circumstances under which a person may be required to collect and remit sales and use tax to the State Tax Commission.
HB0039: Pass-Through Entity Return Filing Date — Modifies the date for a pass-through entity to file a tax return.
HB0099: Military Retirement Income Tax Exemption — Exempts retirement pay for service in the armed forces.