Title 59, Revenue and Taxation

59-7-502. Change of taxable year or accounting period. (1) If a corporation changes its taxable year for federal income tax purposes, the new taxable year shall become the corporation's taxable year for Utah corporate franchise or income tax purposes. (2) If a corporation which d…

59-7-503. Return where period changed. (1) If a corporation changes its taxable year in accordance with Section 59-7-502, a short period return shall be made for the period of less than 12 months between the close of the last taxable year for which a return was made and the close…

59-7-504. Estimated tax payments -- Penalty -- Waiver. (1) Except as provided in Subsection (2), a corporation subject to taxation under this chapter that has a tax liability of $3,000 or more in either the current tax year or the previous tax year shall make a payment of an esti…

59-7-505. Returns required -- When due -- Extension of time -- Exemption from filing. (1) Each corporation subject to taxation under this chapter shall make a return, except that a group of corporations filing a combined report under Part 4, Combined Reporting, shall file one com…

59-7-507. Payment of tax. (1)(a) If an estimated payment is not made as provided in Section 59-7-504, the amount of tax imposed by this chapter shall be paid no later than the due date of the return described in Subsection 59-7-505(2). (b) If a taxpayer needs an extension of time…

59-7-508. Audit of returns. As soon as practicable after the return is filed the commission shall examine it and shall determine the correct amount of the tax.

59-7-509. Failure to file return -- Penalty. In case of any failure to make and file a return required by this chapter within the time prescribed by law or prescribed by the commission in pursuance of law, there shall be added to the amount required to be shown as tax on the retu…

59-7-510. Deficiency -- Interest. Interest upon the amount determined as a deficiency shall be assessed at the same time as the deficiency, shall be paid upon notice and demand from the commission, and shall be collected as a part of the tax at the rate and in the manner prescrib…

59-7-511. Penalty added to underpayments. A penalty shall be added to underpayments of tax as provided in Section 59-1-401.

59-7-512. Addition to tax in case of nonpayment. Where the entire amount determined by the taxpayer as the tax imposed by this chapter is not paid on or before the date prescribed for its payment, there shall be collected as a part of the tax interest upon such unpaid amount at t…

59-7-513. Interest when time for payment extended. If the time for payment of the amount determined as the tax by the taxpayer is extended under the authority of Subsection 59-7-507(2), there shall be collected as a part of such amount interest at the rate prescribed in Section 5…

59-7-514. Extension of time to pay deficiency. (1) Where it is shown to the satisfaction of the commission that the payment of a deficiency upon the date prescribed for the payment thereof will result in undue hardship to the taxpayer, the commission (except where the deficiency …

59-7-515. Interest when deficiency extended. (1) If the time for the payment of any part of a deficiency is extended, the commission shall collect as a part of the tax interest on the part of the deficiency (the time for payment of which is so extended) at the rate prescribed in …

59-7-519. Period of limitation for making assessments -- Change, correction, or amendment of federal income tax -- Duty of corporation to notify state -- Extensions. (1)(a) Subject to the other provisions of this section, the amount of taxes imposed by this chapter shall be asses…

59-7-522. Overpayments. (1) As used in this section, "overpayment" means the same as that term is defined in Section 59-1-1409. (2)(a) Subject to Subsection (2)(b), a claim for credit or refund of an overpayment that is attributable to a Utah net loss carry forward shall be filed…

59-7-528. Failure to make return or supply information -- Penalty. Each officer or employee of any corporation, who, without fraudulent intent, fails to make, render, sign, or verify any return, or to supply any information within the time required by or under the provisions of t…

59-7-529. General violations and penalties. (1) Each person who, without fraudulent intent, fails to make, render, sign, or verify any return, or to supply any information within the time required by or under the provisions of this chapter, is liable for a civil penalty as provid…

59-7-530. Power to waive penalties or interest. The commission may waive penalties or interest as provided in Section 59-1-401.

59-7-531. Venue of offenses -- Evidence. (1) The failure to do any act required by the provisions of this chapter shall be considered an act committed in part at the office of the commission. (2) The certificate of the commission that a tax has not been paid, that a return has no…

59-7-532. Revenue received by commission -- Deposit with state treasurer -- Distribution or crediting to Income Tax Fund -- Refund claim payments. (1)(a) The commission shall deposit at least quarterly all revenue collected or received by the commission under this chapter with th…

59-7-533. Interest on overpayments. Interest shall be allowed and paid upon any overpayment in respect of any tax imposed by this chapter at the rate and in the manner prescribed in Section 59-1-402.

59-7-534. Failure to pay tax -- Suspension or forfeiture of corporate rights. (1) If a tax computed and levied under this chapter is not paid before 5 p.m. on the last day of the 11th month after the date of delinquency, the corporate powers, rights, and privileges of the delinqu…

59-7-535. Doing business after suspension or forfeiture of certain corporate powers, rights, and privileges -- Penalty. (1) A person is guilty of a class B misdemeanor if: (a) the person's corporate powers, rights, and privileges have been suspended in accordance with Section 59-…

59-7-536. Relief in case of suspension or forfeiture. (1)(a) Any corporation which has suffered the suspension or forfeiture referred to in Section 59-7-534 may be relieved from that suspension or forfeiture by applying for that relief in writing, paying the tax and the interest …

59-7-537. Confidentiality of information. The confidentiality of returns and other information filed with the commission shall be governed by Section 59-1-403.

59-7-538. Carry forward of expired or repealed tax credit. (1) Except as provided in Subsection (2), when a nonrefundable corporate income tax credit under Part 6, Credits, expires or is repealed, the commission shall allow a taxpayer to carry forward any amount of the tax credit…

59-7-601. Credit of interest income from state and federal securities. (1) There shall be allowed as a credit against the tax an amount equal to 1% of the gross interest income included in state taxable income from: (a) bonds, notes, or other evidences of indebtedness issued by t…

59-7-607. Utah low-income housing tax credit. (1) As used in this section: (a) "Allocation certificate" means a certificate in a form prescribed by the commission and issued by the corporation to a housing sponsor that specifies the aggregate amount of the tax credit awarded unde…

59-7-609. Historic preservation credit. (1)(a) For tax years beginning January 1, 1993, and thereafter, there is allowed to a taxpayer subject to Section 59-7-104, as a credit against the tax due, an amount equal to 20% of qualified rehabilitation expenditures, costing more than …

59-7-610. Recycling market development zones tax credits. (1) Subject to other provisions of this section, a taxpayer that is a business operating in a recycling market development zone as defined in Section 19-13-102 may claim the following nonrefundable tax credits: (a) a tax c…

59-7-612. Tax credits for research activities conducted in the state -- Carry forward -- Commission to report modification or repeal of certain federal provisions -- Revenue and Taxation Interim Committee study. (1)(a) A taxpayer meeting the requirements of this section may claim…

59-7-614. Clean energy systems tax credits -- Definitions -- Certification -- Rulemaking authority. (1) As used in this section: (a)(i) "Active solar system" means a system of equipment that is capable of: (A) collecting and converting incident solar radiation into thermal, mecha…

59-7-614.1. Refundable 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 taxpayer may claim a refundable tax cred…

59-7-614.10. Nonrefundable enterprise zone tax credit. (1) As used in this section: (a) "Business entity" means a corporation that meets the definition of "business entity" as that term is defined in Section 63N-2-202. (b) "Office" means the Governor's Office of Economic Developm…

59-7-614.2. Refundable economic development tax credit. (1) As used in this section: (a) "Business entity" means a taxpayer that meets the definition of "business entity" as defined in Section 63N-2-103. (b) "Incremental job" means the same as that term is defined in Section 63N-…

59-7-614.4. Tax credit for pass-through entity taxpayer. (1) As used in this section: (a) "Pass-through entity" is as defined in Section 59-10-1402. (b) "Pass-through entity taxpayer" is as defined in Section 59-10-1402. (2) A pass-through entity taxpayer may claim a refundable t…

59-7-614.5. Refundable motion picture tax credit. (1) As used in this section: (a) "Motion picture company" means a taxpayer that meets the definition of a motion picture company under Section 63N-8-102. (b) "Office" means the Governor's Office of Economic Development created in …

59-7-618.1. Tax credit related to alternative fuel heavy duty vehicles. (1) As used in this section: (a) "Board" means the Air Quality Board created under Title 19, Chapter 2, Air Conservation Act. (b) "Director" means the director of the Division of Air Quality appointed under S…

59-7-619. Nonrefundable high cost infrastructure development tax credit. (1) As used in this section: (a) "High cost infrastructure project" means the same as that term is defined in Section 79-6-602. (b) "Infrastructure cost-burdened entity" means the same as that term is define…

59-7-621. Nonrefundable rural job creation tax credit. (1) As used in this section, "office" means the Governor's Office of Economic Development created in Section 63N-1a-301. (2) Subject to the other provisions of this section, a taxpayer may claim a nonrefundable tax credit for…

59-7-623. Nonrefundable guaranty association assessment tax credit. (1) As used in this section: (a) "Guaranty association assessment" means the amount of any assessments paid by a qualified insurer under the guaranty association established under Title 31A, Chapter 28, Part 1, U…

59-7-625. Nonrefundable tax credit for a donation to the Carson Smith Opportunity Scholarship Program. (1) A taxpayer that makes a donation to the Carson Smith Opportunity Scholarship Program established in Section 53E-7-402 may claim a nonrefundable tax credit equal to 100% of t…

59-7-626. Refundable tax credit for nonrenewable hydrogen production system. (1) As used in this section: (a) "Commercial enterprise" means an entity, the purpose of which is to produce hydrogen for sale from a hydrogen production system. (b) "Commercial unit" means a building or…

59-7-627. Nonrefundable tax credits for employer-provided child care. (1) As used in this section: (a) "Eligible small business" means the same as that term is defined in Section 45F, Internal Revenue Code. (b) "Off-site qualified child care facility" means a qualified child care…

59-7-701. Taxation of S corporations. (1) Except as provided in Section 59-7-102 and subject to the other provisions of this part, beginning on July 1, 1994, and ending on the last day of the taxable year that begins on or after January 1, 2012, but begins on or before December 3…

59-7-705. Minimum tax not applicable to an S corporation. The minimum tax provided in Section 59-7-104 does not apply to an S corporation subject to taxation under Section 59-7-701.