No. 29315 (Amendment): R865-9I-49. Higher Education Savings Incentive Program Tax Deduction Pursuant to Utah Code Ann. Sections 53B-8a-112 and 59-10-114

DAR File No.: 29315
Filed: 12/13/2006, 03:33
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

Recent legislation has changed terminology, and the rule is brought into line with practice.

Summary of the rule or change:

The proposed amendment replaces terms that have been updated by statute; and repeals a requirement to include income earned on the account owner's contribution to the trust on the form since this has never been on the form.

State statutory or constitutional authorization for this rule:

Sections 53B-8a-112 and 59-10-114

Anticipated cost or savings to:

the state budget:

None--The proposed amendment makes no substantive changes to current practice.

local governments:

None--The proposed amendment makes no substantive changes to current practice.

other persons:

None--The proposed amendment makes no substantive changes to current practice.

Compliance costs for affected persons:

None--The proposed amendment does not impact current practice.

Comments by the department head on the fiscal impact the rule may have on businesses:

There are no anticipated costs. D'Arcy Dixon, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Auditing
210 N 1950 W
SALT LAKE CITY UT 84134

Direct questions regarding this rule to:

Cheryl Lee at the above address, by phone at 801-297-3900, by FAX at 801-297-3919, or by Internet E-mail at [e-mail]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

01/31/2007

This rule may become effective on:

02/07/2007

Authorized by:

D'Arcy Dixon, Commissioner

RULE TEXT

R865. Tax Commission, Auditing.

R865-9I. Income Tax.

R865-9I-49. Higher Education Savings Incentive Program Tax Deduction Pursuant to Utah Code Ann. Sections 53B-8a-112 and 59-10-114.

[A.](1) "Trust" means the Utah Educational Savings Plan Trust created pursuant to Section 53B-8a-103.

[B.](2) The trustee of the trust shall file a form TC-675H, Statement of Account with the Utah Educational Savings Plan Trust, with the commission, for each trust [participant]account owner. The TC-675H shall contain the following information for the calendar year:

[1.](a) the amount contributed to the trust by the [participant]account owner; and

[2. the income earned on the participant's contributions to the trust; and

3.](b) the amount [refunded]disbursed to the [participant]account owner pursuant to Section 53B-8a-109.

[C.](3) The trustee of the trust shall file form TC-675H with the commission on or before January 31 of the year following the calendar year on which the forms are based.

[D.](4) The trustee of the trust shall provide each trust [participant]account owner with a copy of the form TC-675H on or before January 31 of the year following the calendar year on which the TC-675H is based.

[E.](5) The trustee of the trust shall maintain original records supporting the amounts listed on the TC-675H for the current year filing and the three previous year filings.

 

KEY: historic preservation, income tax, tax returns, enterprise zones

Date of Enactment or Last Substantive Amendment: [July 20, 2005]2007

Notice of Continuation: April 22, 2002

Authorizing, and Implemented or Interpreted Law: 53B-8a-112; 59-10-114