Utah § 59-7-614.1 Refundable tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.

Utah Statutes

§ 59-7-614.1 — Refundable tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.

Utah § 59-7-614.1

Title 59Revenue and Taxation

Ch. 59-7Corporate Franchise and Income Taxes

Part 59-7-6Credits

This text of Utah § 59-7-614.1 (Refundable tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 59-7-614.1 (2026).

Text

(1)For a taxable year beginning on or after January 1, 2004, a taxpayer may claim a refundable tax credit:

(1)(a) as provided in this section;

(1)(b) against taxes otherwise due under this chapter; and

(1)(c) in an amount equal to the amount of tax the taxpayer pays:

(1)(c)(i) on a purchase of a hand tool:

(1)(c)(i)(A) if the purchase is made on or after July 1, 2004;

(1)(c)(i)(B) if the hand tool is used or consumed primarily and directly in a farming operation in the state; and

(1)(c)(i)(C) if the unit purchase price of the hand tool is more than $250; and

(1)(c)(ii) under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i).

(2)A taxpayer:

(2)(a) shall retain the following to establish the amount of tax the resident or nonresident individual paid und

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(1) For a taxable year beginning on or after January 1, 2004, a taxpayer may claim a refundable tax credit:

(1)(a) as provided in this section;
(1)(b) against taxes otherwise due under this chapter; and
(1)(c) in an amount equal to the amount of tax the taxpayer pays:
(1)(c)(i) on a purchase of a hand tool:

(1)(c)(i)(A) if the purchase is made on or after July 1, 2004;
(1)(c)(i)(B) if the hand tool is used or consumed primarily and directly in a farming operation in the state; and
(1)(c)(i)(C) if the unit purchase price of the hand tool is more than $250; and
(1)(c)(ii) under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i).
(2) A taxpayer:

(2)(a) shall retain the following to establish the amount of tax the resident or nonresident individual paid under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i):
(2)(a)(i) a receipt;
(2)(a)(ii) an invoice; or
(2)(a)(iii) a document similar to a document described in Subsection (2)(a)(i) or (ii); and
(2)(b) may not carry forward or carry back a tax credit under this section.
(3) (3)(a) In accordance with any rules prescribed by the commission under Subsection (3)(b):
(3)(a)(i) the commission shall make a refund to a taxpayer that claims a tax credit under this section if the amount of the tax credit exceeds the taxpayer's tax liability under this chapter; and
(3)(a)(ii) the Division of Finance shall transfer at least annually from the General Fund into the Income Tax Fund an amount equal to the amount of tax credit claimed under this section.
(3)(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules providing procedures for making:
(3)(b)(i) a refund to a taxpayer as required by Subsection (3)(a)(i); or
(3)(b)(ii) transfers from the General Fund into the Income Tax Fund as required by Subsection (3)(a)(ii).