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Follow the 2016 Legislative Session

Monday, February 1, 2016   (0 Comments)
Posted by: Amy Spencer
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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 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.

SB00017: Revenue and Taxation Amendments - Clarifies the formula for calculating oil and gas severance tax.

SB0073: Medical Cannabis Act  Modifies and enacts provisions related to medical marijuana

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.

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