59-7-201.  Tax — Minimum tax.

(1)  There is imposed upon each corporation, except a corporation that is exempt under Section 59-7-102, a tax upon the corporation’s Utah taxable income for the taxable year that is derived from sources within this state other than income for any period that the corporation is required to include in the corporation’s tax base under Section 59-7-104.

Terms Used In Utah Code 59-7-201

  • 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
  • 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 imposed by Subsection (1) shall be 4.65% of a corporation’s Utah taxable income.

    (3)  In no case shall the tax be less than $100.

    Amended by Chapter 459, 2023 General Session

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