No. 31532 (Amendment): R865-9I-50. Addition to Adjusted Gross Income for Interest Earned on Bonds, Notes, and Other Evidences of Indebtedness Pursuant to Utah Code Ann. Section 59-10-114

DAR File No.: 31532
Filed: 06/06/2008, 09:16
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The proposed amendment is necessary because of 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:

The proposed amendment replaces "federal taxable" income with "adjusted gross" income to follow changes to the calculation of state income tax.

State statutory or constitutional authorization for this rule:

Section 59-10-114

Anticipated cost or savings to:

the state budget:

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

local governments:

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

small businesses and persons other than businesses:

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

Compliance costs for affected persons:

None--The proposed amendment matches rule language with new statutory language.

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:

07/31/2008

This rule may become effective on:

08/07/2008

Authorized by:

D'Arcy Dixon, Commissioner

RULE TEXT

R865. Tax Commission, Auditing.

R865-9I. Income Tax.

R865-9I-50. Addition to [Federal Taxable]Adjusted Gross Income for Interest Earned on Bonds, Notes, and Other Evidences of Indebtedness Pursuant to Utah Code Ann. Section 59-10-114.

The addition to [federal taxable]adjusted gross income required under Section 59-10-114 for interest earned on bonds, notes, and other evidences of indebtedness acquired on or after January 1, 2003 applies to:

[A.](1) interest on individual bonds, notes, or other evidences of indebtedness purchased by a resident or nonresident individual on or after January 1, 2003; and

[B.](2) for bonds, notes, and other evidences of indebtedness held in a bond fund owned by a resident or nonresident individual, the portion of interest attributable to individual bonds, notes, and other evidences of indebtedness purchased by the bond fund on or after January 1, 2003.

 

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: 59-10-108 through 59-10-122