Bills / H.B. 252
H.B. 252 Tariff Payment Tax Credit
- Introduced
- House committee (stopped here)
- House vote
- Senate committee
- Senate vote
- Signed into law
What this bill does
This bill would create a nonrefundable individual income tax credit for business entities that pay tariffs whose costs they have not passed on to customers, equal to the total qualifying tariff payments made during the tax year. Claimants would first need a written certification of eligibility and credit amount from the Governor's Office of Economic Opportunity, which would report recipients to the State Tax Commission annually.
Plain-English summary written by AI from the official description. Check the official text below.
Official description
- defines terms
- enacts a nonrefundable individual income tax credit for a business entity's payment of tariffs, the costs of which have not been passed to customers, in an amount that corresponds to the total amount of qualifying tariff payments made by the business entity during the taxable year
- requires a qualifying claimant, before claiming a tax credit, to apply for and receive a written certification from the Governor's Office of Economic Opportunity (office) certifying the qualifying claimant's eligibility for the tax credit and the tax credit amount
- requires the office to annually report to the State Tax Commission on recipients of a written certification for the tax credit
- authorizes the office to make rules for administering the certification requirements for the tax credit
- makes technical and conforming changes
What it costs you
- The state would collect $35 million less in taxes and fees in FY2027. Spread across Utah's 1,124,822 households, that's about $31 less each. Who actually pays depends on the bill.
- State spending from tax funds goes up by $105,000 in FY2027.
- The official fiscal note on residents and businesses:
Enactment of this bill may reduce total individual income tax liability by an estimated $34.8 million ongoing beginning in FY 2027 as a result of the credit authorized in the bill.
From the bill's latest official fiscal note, counting the state's tax funds (General, Income Tax, Education, Uniform School, and Transportation) in the first full budget year after the session. Some bills take effect partway through that year, so later years can be larger; the note shows each year. Household count: U.S. Census Bureau. An average is a starting point, not your bill.
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