| (1) |
Except as provided in Subsections (2) and (3), the property factor is a fraction:
Terms Used In Utah Code 59-7-312- Aircraft type: means a particular model of aircraft as designated by the manufacturer of the aircraft. See Utah Code 59-7-302
- Airline: means the same as that term is defined in Section 59-2-102. See Utah Code 59-7-302
- Airline revenue ton miles: means , for an airline, the total revenue ton miles during the airline's tax period. See Utah Code 59-7-302
- Income: includes losses. See Utah Code 59-7-101
- mobile flight equipment: means the same as that term is defined in Section 59-2-102. See Utah Code 59-7-302
- Personal property: includes :Utah Code 68-3-12.5
- Personal property: All property that is not real property.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Utah Code 59-7-302
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
- Utah revenue ton miles: means , for an airline, the total revenue ton miles within the borders of this state:
| (i) | during the airline's tax period; and |
| (ii) | from flight stages that originate or terminate in this state. See Utah Code 59-7-302 |
| (a) |
the numerator of which is the average value of the taxpayer‘s real and tangible personal property owned or rented and used in this state during the tax period; and |
| (b) |
the denominator of which is the average value of all the taxpayer’s real and tangible personal property owned or rented and used during the tax period. |
| (2) |
The average value of an airline’s real and tangible personal property owned or rented and used in this state attributable to mobile flight equipment for purposes of the numerator of the fraction described in Subsection (1) shall be calculated for each aircraft type by multiplying:
| (a) |
the total average value of the airline’s mobile flight equipment of the aircraft type owned or rented and used during the tax period; and |
| (b) |
a fraction:
| (i) |
the numerator of which is the Utah revenue ton miles for the aircraft type; and |
| (ii) |
the denominator of which is the airline revenue ton miles for the aircraft type. |
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| (3) |
| (a) |
For purposes of Subsection 59-7-302(3)(b)(i)(A) and subject to Subsection (3)(b), the property factor is a fraction:
| (i) |
the numerator of which is the value of the property in this state that is attributable to economic activities that are classified in an excluded NAICS code; and |
| (ii) |
the denominator of which is the value of all property in this state. |
|
| (b) |
A taxpayer shall exclude property from the calculation of the property factor fraction described in Subsection (3)(a) if the property may be attributed to economic activities in both excluded NAICS codes and NAICS codes that are not excluded NAICS codes. |
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Amended by Chapter 456, 2018 General Session
Amended by Chapter 471, 2018 General Session
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