| (1) |
“Business entity” means a claimant that is a:
Terms Used In Utah Code 59-6-101- Business entity: means a claimant that is a:
| (d) | limited liability company; |
| (e) | limited liability partnership; |
| (f) | limited partnership; or |
| (g) | business entity similar to Subsections (1)(c) through (f):| (i) | with respect to which the business entity's income or losses are divided among and passed through to taxpayers; and |
| (ii) | as defined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 59-6-101- claimant: means a resident or nonresident person. See Utah Code 59-6-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Estate: means a nonresident estate or a resident estate. See Utah Code 59-6-101
- Minerals: means :
| (a) | metalliferous minerals as defined in Section 59-2-102; |
| (b) | nonmetalliferous minerals as defined in Section 59-2-102; or |
| (c) | a combination of Subsections (4)(a) and (b). See Utah Code 59-6-101- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means :Utah Code 68-3-12.5
- Producer: means a person that:
| (a) | produces or extracts minerals from deposits in this state; or |
| (b) | is the first purchaser of minerals produced or extracted from deposits in this state. See Utah Code 59-6-101- 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
- Statute: A law passed by a legislature.
- tax credit: means a tax credit that a claimant, estate, or trust may claim:
| (a) | as provided by statute; and |
| (b) | regardless of whether the claimant, estate, or trust has a tax liability:| (i) | for a tax imposed under: |
| (ii) | for the taxable year for which the claimant, estate, or trust claims the tax credit. See Utah Code 59-6-101- Taxable year: means the taxable year of a claimant, estate, or trust under:
| (d) |
limited liability company; |
| (e) |
limited liability partnership; |
| (f) |
limited partnership; or |
| (g) |
business entity similar to Subsections (1)(c) through (f):
| (i) |
with respect to which the business entity‘s income or losses are divided among and passed through to taxpayers; and |
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| (2) |
| (a) |
Except as provided in Subsection (2)(b), “claimant” means a resident or nonresident person. |
| (b) |
“Claimant” does not include an estate or trust. |
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| (3) |
“Estate” means a nonresident estate or a resident estate. |
| (4) |
“Minerals” means:
| (a) |
metalliferous minerals as defined in Section 59-2-102; |
| (b) |
nonmetalliferous minerals as defined in Section 59-2-102; or |
| (c) |
a combination of Subsections (4)(a) and (b). |
|
| (5) |
“Producer” means a person that:
| (a) |
produces or extracts minerals from deposits in this state; or |
| (b) |
is the first purchaser of minerals produced or extracted from deposits in this state. |
|
| (6) |
“Refundable tax credit” or “tax credit” means a tax credit that a claimant, estate, or trust may claim:
| (a) |
as provided by statute; and |
| (b) |
regardless of whether the claimant, estate, or trust has a tax liability:
| (i) |
for a tax imposed under:
|
| (ii) |
for the taxable year for which the claimant, estate, or trust claims the tax credit. |
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| (7) |
“Taxable year” means the taxable year of a claimant, estate, or trust under:
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| (8) |
“Tax return” means a return required by:
|
| (9) |
“Trust” means a nonresident trust or a resident trust. |
| (10) |
“Withholding return” means a return a producer is required to file under this chapter. |
Amended by Chapter 255, 2008 General Session
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