59-10-1105 - Tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Education Fund -- Rulemaking authority. - Utah Statutes

59-10-1105. Tax credit for hand tools used in farming operations -- Procedures forrefund -- Transfers from General Fund to Education Fund -- Rulemaking authority.
(1) For taxable years beginning on or after January 1, 2004, a claimant, estate, or trustmay claim a refundable tax credit:
(a) as provided in this section;
(b) against taxes otherwise due under this chapter; and
(c) in an amount equal to the amount of tax the claimant, estate, or trust pays:
(i) on a purchase of a hand tool:
(A) if the purchase is made on or after July 1, 2004;
(B) if the hand tool is used or consumed primarily and directly in a farming operation inthe state; and
(C) if the unit purchase price of the hand tool is more than $250; and
(ii) under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection(1)(c)(i).
(2) A claimant, estate, or trust:
(a) shall retain the following to establish the amount of tax the claimant, estate, or trustpaid under Chapter 12, Sales and Use Tax Act, on the purchase described in Subsection (1)(c)(i):
(i) a receipt;
(ii) an invoice; or
(iii) a document similar to a document described in Subsection (2)(a)(i) or (ii); and
(b) may not carry forward or carry back a tax credit under this section.
(3) (a) In accordance with any rules prescribed by the commission under Subsection(3)(b), the commission shall:
(i) make a refund to a claimant, estate, or trust that claims a tax credit under this sectionif the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under thischapter; and
(ii) transfer at least annually from the General Fund into the Education Fund an amountequal to the amount of tax credit claimed under this section.
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommission may make rules providing procedures for making:
(i) a refund to a claimant, estate, or trust as required by Subsection (3)(a)(i); or
(ii) transfers from the General Fund into the Education Fund as required by Subsection(3)(a)(ii).

Amended by Chapter 382, 2008 General Session