All Roll Calls
Yes: 140 • No: 0
UtahS.B. 432025 General SessionSenateWALLET
Income Tax Credit Review Amendments
Sponsored By: Daniel McCay (Republican)
Signed by Governor
Corporate TaxIncome TaxRevenue and TaxationIndividual Income TaxTax Credits
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Broader credit access for life science investors
The law removes the life science investment credit’s rule requiring tax years to start on or after January 1, 2011. Eligible investors, estates, and trusts still need a tax credit certificate. The nonrefundable credit requires investing at least $25,000 in a qualifying Utah small business corporation in life sciences. The ownership interest must have been issued on or after January 1, 2011. The investor must have owned less than 30% at purchase. At least 50% of the company’s employees must have been in Utah each day of the purchase tax year. Investors cannot claim the credit for a tax year when they sold any of that interest.
Broader credit access for film companies
Beginning May 7, 2025, film companies no longer face the credit’s January 1, 2009, tax-year start-date restriction. Productions must still be state-approved. The refundable credit equals the amount on the company’s tax credit certificate. The state refunds any credit amount above the company’s tax liability.
Recurring audits and reviews of tax credits
The law requires comprehensive performance audits of Utah income tax credits, directed by the Legislative Audit Subcommittee. By August 31 each year, the Revenue and Taxation Interim Committee can name credits for audit and rank them. Without a list, auditors choose using factors including dollar use and risk of error or fraud. The committee also reviews covered credits every five years, replacing three-year reviews for specified credits. It considers costs, purpose, results, state benefits, testimony, and agency analyses to recommend keeping, changing, or ending credits. Program reports support this work, including credit amounts, revenues, and required three-year projections, with identifying details removed or data combined.
Limits on combining alternative energy credits
The law limits using the alternative energy development tax credit alongside another specified credit. Taxpayers cannot claim or carry forward this credit in a year they claim or carry forward the Section 59-10-1106 credit. The alternative energy development credit remains nonrefundable, with unused amounts eligible for carryforward for up to seven taxable years.
Sponsors & Cosponsors
Sponsor
Daniel McCay
Republican • Senate
Cosponsors
Steve Eliason
Republican • House
Roll Call Votes
Senate vote • 2/20/2025
Senate/ concurs with House amendment
Yes: 25 • No: 0
House vote • 2/19/2025
House/ circled
Yes: 0 • No: 0
House vote • 2/19/2025
House/ uncircled
Yes: 0 • No: 0
House vote • 2/19/2025
House/ passed 3rd reading
Yes: 67 • No: 0
House vote • 1/27/2025
House Comm - Substitute Recommendation
Yes: 11 • No: 0
House vote • 1/27/2025
House Comm - Favorable Recommendation
Yes: 11 • No: 0
Senate vote • 1/21/2025
Senate/ passed 2nd & 3rd readings/ suspension
Yes: 26 • No: 0
Senate vote • 1/21/2025
Senate/ circled
Yes: 0 • No: 0
Senate vote • 1/21/2025
Senate/ uncircled
Yes: 0 • No: 0
House vote • Unknown
House/ uncircled
Yes: 0 • No: 0
House vote • Unknown
House/ circled
Yes: 0 • No: 0
Senate vote • Unknown
Senate/ uncircled
Yes: 0 • No: 0
Senate vote • Unknown
Senate/ circled
Yes: 0 • No: 0
Actions Timeline
Governor Signed
3/25/2025Senate/ to Governor
3/12/2025SenateSenate/ received enrolled bill from Printing
3/12/2025SenateSenate/ enrolled bill to Printing
3/6/2025SenateEnrolled Bill Returned to House or Senate
3/6/2025Draft of Enrolled Bill Prepared
2/24/2025Bill Received from Senate for Enrolling
2/24/2025Senate/ signed by President/ sent for enrolling
2/21/2025SenateSenate/ received from House
2/21/2025SenateHouse/ to Senate
2/20/2025HouseHouse/ signed by Speaker/ returned to Senate
2/20/2025HouseHouse/ received from Senate
2/20/2025HouseSenate/ to House
2/20/2025SenateSenate/ concurs with House amendment
2/20/2025SenateSenate/ placed on Concurrence Calendar
2/19/2025SenateSenate/ received from House
2/19/2025SenateHouse/ to Senate
2/19/2025HouseHouse/ passed 3rd reading
2/19/2025HouseHouse/ uncircled
2/19/2025HouseHouse/ circled
2/19/2025HouseHouse/ 3rd reading
2/19/2025HouseHouse/ 2nd reading
2/13/2025HouseHouse/ Rules to 3rd Reading Calendar
2/13/2025HouseHouse/ return to Rules due to fiscal impact
1/28/2025HouseHouse/ comm rpt/ substituted
1/28/2025House
Bill Text
Enrolled
3/6/2025
Substitute #1
1/27/2025
Introduced
12/27/2024