59-10-137. Review of credits allowed under this chapter.
(1) |
As used in this section, “committee” means the Revenue and Taxation Interim Committee. |
Terms Used In Utah Code 59-10-137
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
(2) |
(a) |
The committee shall review the tax credits described in this chapter as provided in Subsection (3) and make recommendations concerning whether the tax credits should be continued, modified, or repealed. |
(b) |
In conducting the review required under Subsection (2)(a), the committee shall:
(i) |
schedule time on at least one committee agenda to conduct the review; |
(ii) |
invite state agencies, individuals, and organizations concerned with the tax credit under review to provide testimony; |
(iii) |
(A) |
invite the Governor’s Office of Economic Opportunity to present a summary and analysis of the information for each tax credit regarding which the Governor’s Office of Economic Opportunity is required to make a report under this chapter; and |
(B) |
invite the Office of the Legislative Fiscal Analyst to present a summary and analysis of the information for each tax credit regarding which the Office of the Legislative Fiscal Analyst is required to make a report under this chapter; |
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(iv) |
ensure that the committee’s recommendations described in this section include an evaluation of:
(A) |
the cost of the tax credit to the state; |
(B) |
the purpose and effectiveness of the tax credit; and |
(C) |
the extent to which the state benefits from the tax credit; and |
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(v) |
undertake other review efforts as determined by the committee chairs or as otherwise required by law. |
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(3) |
(a) |
On or before November 30, 2017, and every three years after 2017, the committee shall conduct the review required under Subsection (2) of the tax credits allowed under the following sections:
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(b) |
On or before November 30, 2018, and every three years after 2018, the committee shall conduct the review required under Subsection (2) of the tax credits allowed under the following sections:
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(c) |
On or before November 30, 2019, and every three years after 2019, the committee shall conduct the review required under Subsection (2) of the tax credits allowed under the following sections:
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(d) |
(i) |
In addition to the reviews described in this Subsection (3), the committee shall conduct a review of a tax credit described in this chapter that is enacted on or after January 1, 2017. |
(ii) |
The committee shall complete a review described in this Subsection (3)(d) three years after the effective date of the tax credit and every three years after the initial review date. |
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Amended by Chapter 460, 2023 General Session