Utah § 59-10-1105 - Tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.
Full text of Utah Utah Code § 59-10-1105 — Tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority., with citation guidance and answers to common questions.
§ 59-10-1105. Tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.
Effective 3/24/2022 59-10-1105.
Tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.
(1)
For a taxable year beginning on or after January 1, 2004, a claimant, estate, or trust may 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 in the state; and
(C)
if the unit purchase price of the hand tool is more than $250; and
shall retain the following to establish the amount of tax the claimant, estate, or trust paid 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):
(i)
the commission shall make a refund to a claimant, estate, or trust that claims a tax credit under this section if the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter; and
(ii)
the Division of Finance shall transfer at least annually from the General Fund into the Income Tax Fund an amount equal to the aggregate amount of all tax credits claimed under this section.
Frequently Asked Questions About Utah § 59-10-1105
What does Utah Code § 59-10-1105 cover?
Section 59-10-1105 ("Tax credit for hand tools used in farming operations -- Procedures for refund -- Transfers from General Fund to Income Tax Fund -- Rulemaking authority.") 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 § 59-10-1105?
A common citation format is "Utah Code § 59-10-1105" (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 § 59-10-1105 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.
