§ 59-7-111 — Safe harbor lease provisions.

Utah § 59-7-111

• Jurisdiction: Utah
• Title 59: Revenue and Taxation
• Ch. 59-7: Corporate Franchise and Income Taxes
• Part 59-7-1: Corporate Tax Generally

Text

(1) (1)(a) For purchasers or lessors of safe harbor leases, the following additions shall be made to unadjusted income:
(1)(a)(i) interest expense; and
(1)(a)(ii) depreciation claimed on safe harbor lease property.
(1)(b) For purchasers or lessors of safe harbor leases, the following subtractions shall be made from unadjusted income:
(1)(b)(i) rental income; and
(1)(b)(ii) amortization of the purchase price of tax benefits.
(2) (2)(a) For sellers or lessees of safe harbor leases the following additions shall be made from unadjusted income:
(2)(a)(i) the amount of gain on the sale of federal tax benefits; and
(2)(a)(ii) rental expense on safe harbor lease property.
(2)(b) For sellers or lessees of safe harbor leases the following subtractions shall be made to unadjusted income:
(2)(b)(i) interest income; and
(2)(b)(ii) depreciation on safe harbor lease property.

Legislative History

Repealed and Re-enacted by Chapter 169, 1993 General Session