(1) For a taxable year beginning on or after January 1, 2004, a claimant, estate, or trust may claim a refundable tax credit: (a) as provided in this section; (b) against taxes otherwise due under this chapter; and (c) in an amount equal to the amount of tax the claimant, estate, or trust pays: (i) on a purchase of a hand tool: (A) if the purchase is made on or after July 1, 2004; (B) if the hand tool is used or consumed primarily and directly in a farming operation in the state; and (C) if the unit purchase price of the hand tool is more than $250; and (ii) under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i).
(a) as provided in this section;
(b) against taxes otherwise due under this chapter; and
(c) in an amount equal to the amount of tax the claimant, estate, or trust pays: (i) on a purchase of a hand tool: (A) if the purchase is made on or after July 1, 2004; (B) if the hand tool is used or consumed primarily and directly in a farming operation in the state; and (C) if the unit purchase price of the hand tool is more than $250; and (ii) under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i).
(i) on a purchase of a hand tool: (A) if the purchase is made on or after July 1, 2004; (B) if the hand tool is used or consumed primarily and directly in a farming operation in the state; and (C) if the unit purchase price of the hand tool is more than $250; and
(A) if the purchase is made on or after July 1, 2004;
(B) if the hand tool is used or consumed primarily and directly in a farming operation in the state; and
(C) if the unit purchase price of the hand tool is more than $250; and
(ii) under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i).
(2) A claimant, estate, or trust: (a) shall retain the following to establish the amount of tax the claimant, estate, or trust paid under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i): (i) a receipt; (ii) an invoice; or (iii) a document similar to a document described in Subsection (2)(a)(i) or (ii); and (b) may not carry forward or carry back a tax credit under this section.
(a) shall retain the following to establish the amount of tax the claimant, estate, or trust paid under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i): (i) a receipt; (ii) an invoice; or (iii) a document similar to a document described in Subsection (2)(a)(i) or (ii); and
(i) a receipt;
(ii) an invoice; or
(iii) a document similar to a document described in Subsection (2)(a)(i) or (ii); and
(b) may not carry forward or carry back a tax credit under this section.
(3) (a) In accordance with any rules prescribed by the commission under Subsection (3)(b): (i) the commission shall make a refund to a claimant, estate, or trust that claims a tax credit under this section if the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter; and (ii) the Division of Finance shall transfer at least annually from the General Fund into the Education Fund an amount equal to the aggregate amount of all tax credits claimed under this section. (b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules providing procedures for making: (i) a refund to a claimant, estate, or trust as required by Subsection (3)(a)(i); or (ii) transfers from the General Fund into the Education Fund as required by Subsection (3)(a)(ii).
(a) In accordance with any rules prescribed by the commission under Subsection (3)(b): (i) the commission shall make a refund to a claimant, estate, or trust that claims a tax credit under this section if the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter; and (ii) the Division of Finance shall transfer at least annually from the General Fund into the Education Fund an amount equal to the aggregate amount of all tax credits claimed under this section.
(i) the commission shall make a refund to a claimant, estate, or trust that claims a tax credit under this section if the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter; and
(ii) the Division of Finance shall transfer at least annually from the General Fund into the Education Fund an amount equal to the aggregate amount of all tax credits claimed under this section.
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules providing procedures for making: (i) a refund to a claimant, estate, or trust as required by Subsection (3)(a)(i); or (ii) transfers from the General Fund into the Education Fund as required by Subsection (3)(a)(ii).
(i) a refund to a claimant, estate, or trust as required by Subsection (3)(a)(i); or
(ii) transfers from the General Fund into the Education Fund as required by Subsection (3)(a)(ii).
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.