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The Utah Legislature's Second Special Session

Friday, July 20, 2018   (0 Comments)
Posted by: Amy Spencer
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2018 Second Special Session - July 18, 2018

The 62nd Legislature completed its Second Special Session on Wednesday, July 18 with a number of issues impacting the members and member clients of the UACPA. The following is a brief summary of those items addressed in the Special Session

  • Utah Inland Port Authority:  The legislature amended SB234 from last session to address administrative and jurisdictional concerns of Salt Lake City. The Mayor and Council saw the amendments in different lights which makes for interesting discussion by those of us working on Capitol Hill. This is likely not the last word on this issue.
  • Wayfair Decision Amendments concerning the collection of internet sales tax: The legislature adopted statutory language similar to that of South Dakota to apply the requirement of collection of sales taxes from internet-based businesses conducting sales to Utah residents.  The provisions of the bill will go into effect on January 1, 2019.
  • Repatriated foreign income: Income from repatriation will be subject to Utah State income taxes effective in the 2018 tax year.
  • Net Operating Loss (NOL):  Utah’s law is now consistent with the Federal Code and goes into effect for the 2018 tax year.  The requirement for separate books was eliminated.
  • Child Tax Credits:  The legislature appropriated approximately $30 M to be directed to families with children that lost dependent deductibility in the 2018 Federal Tax Reform. The result is an approximate $34 per child restoration to be claimed on the State tax forms for 2018 and into the future.

 

Craig Peterson

Ryan Peterson

David Peterson


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