DAR File No. 31458

Tax Commission, Auditing

R865-9I-4

Equitable Adjustments Pursuant to Utah Code Ann. Section 59-10-115

NOTICE OF PROPOSED RULE

DAR File No.: 31458
Filed: 05/20/2008, 11:22
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The section is removed since it duplicates statutory language.

Summary of the rule or change:

The section is removed.

State statutory or constitutional authorization for this rule:

Section 59-10-115

Anticipated cost or savings to:

the state budget:

None--The section language appears in statute.

local governments:

None--The section language appears in statute.

small businesses and persons other than businesses:

None--The section language appears in statute.

Compliance costs for affected persons:

None--The section language duplicates statute.

Comments by the department head on the fiscal impact the rule may have on businesses:

There are no anticipated impacts. D'Arcy Dixon, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Auditing
210 N 1950 W
SALT LAKE CITY UT 84134

Direct questions regarding this rule to:

Cheryl Lee at the above address, by phone at 801-297-3900, by FAX at 801-297-3919, or by Internet E-mail at clee@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

07/15/2008

This rule may become effective on:

10/13/2008

Authorized by:

D'Arcy Dixon, Commissioner

R865. Tax Commission, Auditing.

R865-9I. Income Tax.

[R865-9I-4. Equitable Adjustments Pursuant to Utah Code Ann. Section 59-10-115.

A. Every taxpayer shall report and the Tax Commission shall make or allow such adjustments to the taxpayer's state taxable income as are necessary to prevent the inclusion or deduction for a second time on his Utah income tax return of items involved in determining his federal taxable income. Such adjustments shall be made or allowed in an equitable manner as defined in Utah Code Ann. 59-10-115 or as determined by the Tax Commission consistent with provisions of the Individual Income Tax Act.

B. In computing the Utah portion of a nonresident's federal adjusted gross income; any capital losses, net long-term capital gains, and net operating losses shall be included only to the extent that these items were not taken into account in computing the taxable income of the taxpayer for state income tax purposes for any taxable year prior to January 2, 1973.]

 

KEY: historic preservation, income tax, tax returns, enterprise zones

Date of Enactment or Last Substantive Amendment: [March 14], 2008

Notice of Continuation: March 20, 2007

Authorizing, and Implemented or Interpreted Law: 59-10-108 through 59-10-122