59-7-104.  Tax — Minimum tax.

(1)  Each domestic and foreign corporation, except a corporation that is exempt under Section 59-7-102, shall pay an annual tax to the state based on the corporation’s Utah taxable income for the taxable year for the privilege of exercising the corporation’s corporate franchise or for the privilege of doing business in the state.

Terms Used In Utah Code 59-7-104

  • 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.
  • Corporation: includes :
(a) entities defined as corporations under Sections 7701(a) and 7704, Internal Revenue Code; and
(b) other organizations that are taxed as corporations for federal income tax purposes under the Internal Revenue Code. See Utah Code 59-7-101
  • Doing business: includes any transaction in the course of business by a domestic corporation or by a foreign corporation qualified to do or doing business in this state. See Utah Code 59-7-101
  • Income: includes losses. See Utah Code 59-7-101
  • 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
  • taxable year: includes the period for which such return is made. See Utah Code 59-7-101
  • Utah taxable income: includes income from tangible or intangible property located or having situs in this state, regardless of whether carried on in intrastate, interstate, or foreign commerce. See Utah Code 59-7-101
    • (2)  The tax shall be 4.65% of a corporation’s Utah taxable income.

    (3)  The minimum tax a corporation shall pay under this chapter is $100.

    Amended by Chapter 459, 2023 General Session

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