No. 36173 (Amendment): Section R865-9I-49. Higher Education Savings Incentive Program Administration Pursuant to Utah Code Ann. Sections 53B-8a-112, 59-10-114, and 59-10-1017

(Amendment)

DAR File No.: 36173
Filed: 05/11/2012 12:25:56 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The proposed amendment allows the Utah Educational Savings Incentive Plan Trust extra time to file information with the Tax Commission.

Summary of the rule or change:

The proposed amendment revises the date by which the trustee of the Utah Educational Savings Plan Trust must file information with the Tax Commission concerning amounts contributed to or disbursed from the trust from January 31 to March 31. This change is made at the request of the Utah Educational Savings Plan management.

State statutory or constitutional authorization for this rule:

• Section 53B-8a-112
• Section 59-10-1017
• Section 59-10-114

Anticipated cost or savings to:

the state budget:

None--The proposed amendment delays the time for filing a report with the Tax Commission.

local governments:

None--The proposed amendment delays the time for filing a report with the Tax Commission.

small businesses:

None--The proposed amendment delays the time for filing a report with the Tax Commission.

persons other than small businesses, businesses, or local governmental entities:

None--The proposed amendment delays the time for filing a report with the Tax Commission.

Compliance costs for affected persons:

None--The proposed amendment delays the time for filing a report with the Tax Commission and results from a request from the one entity that files the report.

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

The delayed report deadline should have no fiscal impact.

Michael Cragun, 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:

• Christa Johnson at the above address, by phone at 801-297-3901, by FAX at 801-297-3907, 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:

07/02/2012

This rule may become effective on:

07/09/2012

Authorized by:

Michael Cragun, Tax Commissioner

RULE TEXT

R865. Tax Commission, Auditing.

R865-9I. Income Tax.

R865-9I-49. Higher Education Savings Incentive Program Administration Pursuant to Utah Code Ann. Sections 53B-8a-112, 59-10-114, and 59-10-1017.

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

(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 account owner. The TC-675H shall contain the following information for the calendar year:

(a) the amount contributed to the trust by the account owner; and

(b) the amount disbursed to the account owner pursuant to Section 53B-8a-109.

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

(4) The trustee of the trust shall provide each trust 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.

(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: [December 22, 2011]2012

Notice of Continuation: January 3, 2012

Authorizing, and Implemented or Interpreted Law: 31A-32A-106; 53B-8a-112; 59-1-1301 through 59-1-1309; 59-2-1201 through 59-2-1220; 59-6-102; 59-7-3; 59-10; 59-10-103; 59-10-108 through 59-10-122; 59-10-108.5; 59-10-114; 59-10-124; 59-10-127; 59-10-128; 59-10-129; 59-10-130; 59-10-207; 59-10-210; 59-10-303; 59-10-401 through 59-10-403; 59-10-405.5; 59-10-406 through 59-10-408; 59-10-501; 59-10-503; 59-10-504; 59-10-507; 59-10-512; 58-10-514; 59-10-516; 59-10-517; 59-10-522; 59-10-533; 59-10-536; 59-10-602; 59-10-603; 59-10-1003; 59-10-1006; 59-10-1014; 59-10-1017; 59-10-1021; 59-10-1023; 59-10-1106; 59-10-1403; 59-10-1403.2; 59-10-1405; 59-13-202; 59-13-301; 59-13-302; 63M-1; 63M-1-401 through 63M-1-414

 

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