| (1) |
As used in this section, “pollution control equipment” means property that:
Terms Used In Utah Code 59-2-301.9- Acquisition cost: includes :
| (i) | the purchase price of a new or used item; |
| (ii) | the cost of freight, shipping, loading at origin, unloading at destination, crating, skidding, or any other applicable cost of shipping; |
| (iii) | the cost of installation, engineering, rigging, erection, or assembly, including foundations, pilings, utility connections, or similar costs; and |
| (iv) | sales and use taxes. See Utah Code 59-2-102- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fair market value: means the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. See Utah Code 59-2-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
- 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
- Taxable value: means fair market value less any applicable reduction allowed for residential property under Section 59-2-103. See Utah Code 59-2-102
|
| (a) |
is assessed under 3; |
| (b) |
is used:
| (i) |
to prevent, control, or reduce air or water pollution; and |
| (ii) |
in connection with an establishment described in NAICS subsector 324110 of the 2022 North American Industry Classification System of the federal Executive Office of the President, Office of Management and Budget; |
|
| (c) |
is purchased to satisfy a requirement of the federal or state government; and |
| (d) |
does not significantly:
| (i) |
increase the facility’s output or capacity; |
| (ii) |
reduce the facility’s total operating costs; or |
| (iii) |
extend the useful life of any other property. |
|
| (2) |
The taxable value of pollution control equipment is calculated by applying the percent good factor against the acquisition cost of the pollution control equipment as follows:
|
|
|
|
Year After Acquisition |
Percent Good of Acquisition Cost |
|
First year after acquisition |
80% |
|
Second year after acquisition |
60% |
|
Third year after acquisition |
40% |
|
Fourth year after acquisition |
20% |
|
Fifth year or any subsequent year after acquisition |
6% |
|
| (3) |
| (a) |
A taxpayer owning property assessed under this section may make an appeal relating to the value of the property in accordance with Section 59-2-1005. |
| (b) |
As part of an appeal described in this subsection, a taxpayer may request a deviation from the schedule provided in this section for a specific item of property if use of the schedule does not result in the fair market value of the property, including any relevant installation or assemblage value, at the retail level of trade and on the lien date. |
|
| (4) |
| (a) |
A county assessor may deviate from the schedule provided in this section when necessary to reach fair market value. |
| (b) |
When a deviation described in Subsection (4)(a) affects an entire class or type of personal property, the county assessor shall submit to the commission a written report substantiating the deviation with verifiable data. |
| (c) |
A county assessor may not use a schedule other than the schedule provided in this section without prior written consent of the commission. |
| (d) |
If a county assessor deviates from the schedule provided in this section and the taxpayer makes an appeal in accordance with Subsection (3), the county assessor has the burden of proof in the appeal, whether before a county board of equalization, the commission, or a court. |
|
Enacted by Chapter 289, 2022 General Session
|
