No. 31470 (Amendment): R865-9I-52. Subtractions for Health Care Insurance and For Premiums For Long-Term Care Insurance Pursuant to Utah Code Ann. Section59-100-114

DAR File No.: 31470
Filed: 05/20/2008, 04:06
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The amendment is required by statutory changes made by H.B. 359 (2008). (DAR NOTE: H.B. 359 (2008) is found at Chapter 389, Laws of Utah 2008, and was effective 05/05/2008.)

Summary of the rule or change:

Proposed amendment deletes reference to a state tax deduction for long term care insurance since H.B. 359 (2008) repealed that deduction.

State statutory or constitutional authorization for this rule:

Section 59-10-1023

Anticipated cost or savings to:

the state budget:

None--Any revenue impact was considered in H.B. 359 (2008).

local governments:

None--Any revenue impact was considered in H.B. 359 (2008).

small businesses and persons other than businesses:

None--Any revenue impact was considered in H.B. 359 (2008).

Compliance costs for affected persons:

Taxpayers will no longer be able to take a state tax deduction for long-term care insurance.

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

There are no anticipated impacts. 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:

07/15/2008

This rule may become effective on:

10/13/2008

Authorized by:

D'Arcy Dixon, Commissioner

RULE TEXT

R865. Tax Commission, Auditing.

R865-9I. Income Tax.

R865-9I-52. [Subtractions]Credit For Health [Care]Benefit Plan Insurance [and For Premiums For Long-Term Care Insurance ]Pursuant to Utah Code Ann. Section [59-10-114]59-10-1023.

A [subtraction from federal taxable income under Subsection 59-10-114(2)]credit for health [care ]benefit plan insurance [and for premiums for long-term care insurance]under Section 59-10-1023 shall be determined in the manner that provides the greatest possible [subtraction under Subsection 59-10-114(2)]credit.

 

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

Date of Enactment or Last Substantive Amendment: [March 14], 2008

Notice of Continuation: March 20, 2007

Authorizing, and Implemented or Interpreted Law: 59-10-114; 59-10-1023