Utah § 59-1-103 - Income Tax Surplus Restricted Account.
Full text of Utah Utah Code § 59-1-103 — Income Tax Surplus Restricted Account., with citation guidance and answers to common questions.
§ 59-1-103. Income Tax Surplus Restricted Account.
Effective 7/1/2025 59-1-103.
Income Tax Surplus Restricted Account.
(1)
As used in this section:
(a)
"Account" means the Income Tax Surplus Restricted Account created in Subsection (2).
(b)
"Material increase in state income tax revenue" means the same as that term is defined in Section 59-1-214.
(2)
There is created within the Income Tax Fund a restricted account known as the "Income Tax Surplus Restricted Account."
(3)
The account shall be funded by the revenue deposited into the account in accordance with Subsection (5).
(4)
(a)
The account shall earn interest.
(b)
The interest described in Subsection (4)(a) shall be deposited into the account.
(5)
After receiving from the commission an electronic report under Subsection 59-1-214(6)(b) indicating the likelihood of a material increase in state income tax revenue, the Division of Finance shall, at the end of the fiscal year for which the material increase in state income tax revenue is expected, deposit into the account an amount of income tax revenue that is equal to the estimate of the amount of the material increase in state income tax revenue specified in the report.
(6)
Upon appropriation, the money in the account may be used for the purposes specified by the Legislature in accordance with Utah Constitution, Article X, Section 1.
Section 59-1-103 ("Income Tax Surplus Restricted Account.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 59-1-103?
A common citation format is "Utah Code § 59-1-103" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 59-1-103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
