59-8-104 - Rate -- Change of rate. - Utah Statutes

59-8-104. Rate -- Change of rate.
(1) Beginning on or after July 1, 2006, and subject to Section 11-13-303, an in lieuexcise tax is imposed on the gross receipts of a taxpayer engaging in business in the state of Utahin each taxable year as follows:
Gross Receipts Amount Rate of Tax
Not in excess of $10,000,000 None
In excess of $10,000,000 but not
in excess of $500,000,000 .6250%
In excess of $500,000,000 but not
in excess of $1,000,000,000 .9375%
In excess of $1,000,000,000 1.2500%
(2) It is the intent of the Legislature that, as a result of the tax rate decrease provided inSection 59-8-104 of Chapter 221, Laws of Utah 2006, all or a portion of any cost decreasereceived by a taxpayer as a result of the tax rate decrease be used in whole or in part forexpenditures, scholarships, or grants that will benefit the citizens of this state.

Amended by Chapter 221, 2006 General Session