# Utah S.B. 43: Income Tax Credit Review Amendments Utah S.B. 43, Income Tax Credit Review Amendments, is a 2025 General Session Senate bill sponsored by Daniel McCay (Republican); status signed, last action 2025-03-25 (Governor Signed); PRIA reads it as touching household money (as of 2026-10-17). - Canonical: https://policyrisk.com/state-bill/UT-SB43-2025GS - As of: 2026-10-17 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Utah S.B. 43 - State: Utah - Session: 2025 General Session - Title: Income Tax Credit Review Amendments - Status: signed - Chamber: Senate - Introduced: 2024-12-27 - Last action: 2025-03-25, Governor Signed - Sponsor: Daniel McCay (Republican) - Cosponsors: 1 - Subjects: Corporate Tax, Income Tax, Revenue and Taxation, Individual Income Tax, Tax Credits - Touches household money: yes - Roll calls: 13 (140 yes, 0 no in all) - Economic provisions PRIA read: 4 ## Summary No summary available. ## Bill overview: provisions PRIA read - Broader credit access for life science investors: benefit, low. 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 corporati… - Broader credit access for film companies: benefit, low. 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… - Recurring audits and reviews of tax credits: benefit, low. 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 u… - Limits on combining alternative energy credits: cost, low. 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 unuse… ## Sponsors and cosponsors - Sponsor: Daniel McCay (Republican), Senate - Cosponsor: Steve Eliason (Republican), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2025-02-20 | Senate | Senate/ concurs with House amendment | pass | 25 | 0 | | | 2025-02-19 | House | House/ circled | fail | 0 | 0 | | | 2025-02-19 | House | House/ uncircled | fail | 0 | 0 | | | 2025-02-19 | House | House/ passed 3rd reading | pass | 67 | 0 | | | 2025-01-27 | House | House Comm - Substitute Recommendation | pass | 11 | 0 | | | 2025-01-27 | House | House Comm - Favorable Recommendation | pass | 11 | 0 | | | 2025-01-21 | Senate | Senate/ passed 2nd & 3rd readings/ suspension | pass | 26 | 0 | | | 2025-01-21 | Senate | Senate/ circled | fail | 0 | 0 | | | 2025-01-21 | Senate | Senate/ uncircled | fail | 0 | 0 | | | | House | House/ uncircled | fail | 0 | 0 | | | | House | House/ circled | fail | 0 | 0 | | | | Senate | Senate/ uncircled | fail | 0 | 0 | | | | Senate | Senate/ circled | fail | 0 | 0 | | ## Actions (40) - 2025-03-25: Governor Signed - 2025-03-12: Senate/ to Governor (Senate) - 2025-03-12: Senate/ received enrolled bill from Printing (Senate) - 2025-03-06: Senate/ enrolled bill to Printing (Senate) - 2025-03-06: Enrolled Bill Returned to House or Senate - 2025-02-24: Draft of Enrolled Bill Prepared - 2025-02-24: Bill Received from Senate for Enrolling - 2025-02-21: Senate/ signed by President/ sent for enrolling (Senate) - 2025-02-21: Senate/ received from House (Senate) - 2025-02-20: House/ to Senate (House) - 2025-02-20: House/ signed by Speaker/ returned to Senate (House) - 2025-02-20: House/ received from Senate (House) - 2025-02-20: Senate/ to House (Senate) - 2025-02-20: Senate/ concurs with House amendment (Senate) - 2025-02-19: Senate/ placed on Concurrence Calendar (Senate) - 2025-02-19: Senate/ received from House (Senate) - 2025-02-19: House/ to Senate (House) - 2025-02-19: House/ passed 3rd reading (House) - 2025-02-19: House/ uncircled (House) - 2025-02-19: House/ circled (House) - 2025-02-19: House/ 3rd reading (House) - 2025-02-13: House/ 2nd reading (House) - 2025-02-13: House/ Rules to 3rd Reading Calendar (House) - 2025-01-28: House/ return to Rules due to fiscal impact (House) - 2025-01-28: House/ comm rpt/ substituted (House) - 2025-01-27: House Comm - Favorable Recommendation (House) - 2025-01-27: House Comm - Substitute Recommendation (House) - 2025-01-23: House/ to standing committee (House) - 2025-01-22: House/ 1st reading (Introduced) (House) - 2025-01-22: House/ received from Senate (House) - 2025-01-21: Senate/ to House (Senate) - 2025-01-21: Senate/ passed 2nd & 3rd readings/ suspension (Senate) - 2025-01-21: Senate/ uncircled (Senate) - 2025-01-21: Senate/ circled (Senate) - 2025-01-21: Senate/ 2nd & 3rd readings/ suspension (Senate) - 2025-01-21: Senate/ placed on 2nd Reading Calendar (Senate) - 2025-01-21: Senate/ 1st reading (Introduced) (Senate) - 2025-01-16: Senate/ received fiscal note from Fiscal Analyst (Senate) - 2025-01-02: Senate/ received bill from Legislative Research (Senate) - 2024-12-27: Numbered Bill Publicly Distributed ## Bill text - Enrolled, 2025-03-06: [PDF](https://le.utah.gov/Session/2025/bills/enrolled/SB0043.pdf) - Substitute #1, 2025-01-27: [PDF](https://le.utah.gov/Session/2025/bills/introduced/SB0043S01.pdf) - Introduced, 2024-12-27: [PDF](https://le.utah.gov/Session/2025/bills/introduced/SB0043.pdf) ## Related bills - S.B. 199: Guardianship Amendments (signed) - H.B. 562: Law Enforcement and Criminal Justice Amendments (signed) - H.B. 493: Medical Examiner Amendments (signed) - H.B. 482: Health and Human Services Reporting Requirements (signed) - S.B. 197: Property Tax Amendments (vetoed) - S.B. 3: Appropriations Adjustments (signed) ## Sources - [Enrolled (PDF)](https://le.utah.gov/Session/2025/bills/enrolled/SB0043.pdf) - [Substitute #1 (PDF)](https://le.utah.gov/Session/2025/bills/introduced/SB0043S01.pdf) - [Introduced (PDF)](https://le.utah.gov/Session/2025/bills/introduced/SB0043.pdf) ## Related - [S.B. 199: Guardianship Amendments](https://policyrisk.com/state-bill/UT-SB199-2025GS) - [H.B. 562: Law Enforcement and Criminal Justice Amendments](https://policyrisk.com/state-bill/UT-HB562-2025GS) - [H.B. 493: Medical Examiner Amendments](https://policyrisk.com/state-bill/UT-HB493-2025GS) - [H.B. 482: Health and Human Services Reporting Requirements](https://policyrisk.com/state-bill/UT-HB482-2025GS) - [S.B. 197: Property Tax Amendments](https://policyrisk.com/state-bill/UT-SB197-2025GS) - [S.B. 3: Appropriations Adjustments](https://policyrisk.com/state-bill/UT-SB3-2025GS) - [Utah bills](https://policyrisk.com/states/utah/bills) - [Utah state hub](https://policyrisk.com/states/utah) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/UT-SB43-2025GS (as of 2026-10-17).