On Feb. 28, UTA LEG passed bill modifying provisions on tax refunds.
UTA LEG passed bill HB 0089 modifying provisions relating to tax refunds.
Amends UTA LEG 59-1-402 to limit the annual interest, with certain exceptions, that may accrue each year on a tax overpayment; makes technical, conforming changes.
Provisions
For franchise, income taxes, addresses different treatment of hard copy and electronically filed returns, interest being allowed if repayment not made in 45 days.
Addresses provisions for interest amounts in excess of $200 in any calendar year.
Sets maximum interest rate payable on underpayments or non-refunded payments.
Legislative History
On Jan. 16, 2024, bill introduced in House; on Feb. 13, 2024, bill passed House.
On Feb. 14, 2024, bill introduced in Senate; on Feb. 28, 2024, bill passed Senate.
Effectiveness
Upon approval by governor, bill HB0089S03 takes effect on Jan. 1, 2025.
Feb. 2024 UTA LEG Approval
On Mar. 14, 2024, UTA LEG governor signed bill HB 0089, takes effect on Jan. 1, 2025.
Regulators
UTA LEG
Entity Types
CNSM; Corp
Reference
Bill, 3/14/2024; Bill, HB0089S03, 2/28/2024; Citation: UTA LEG 59-1-402;
