UTA LEG Property Tax Income Rules

On Mar. 1, UTA LEG passed bill amending property tax act.

  • UTA LEG passed SB 250 to amend the Property Tax Act, and align maximum annual amount allowed for a renter's credit with the amount allowed for a homeowner's credit
  • Also makes technical changes to various provisions of the existing Property Tax Act.
  • Provisions
  • UTA LEG 59-2-1209 is amended to state that renter's tax credit may be claimed only for gross rent that does not constitute a rental assistance payment to the renter.
  • Explains how to calculate credit when rent includes utilities and the maximum credit.
  • For a calendar year on or after Jan. 1, 2021, a claimant may claim a renter's credit for prior calendar year that does not exceed amounts specified in table in subsection (1).
  • Legislative History
  • On Feb. 16, 2024, bill introduced in Senate; on Feb. 23, 2024, bill passed in Senate.
  • On Feb. 26, 2024, bill introduced in House; on Mar. 1, 2024, bill passed in House.
  • Effectiveness
  • Upon approval by the governor or veto override, bill takes effect May 1, 2024.
  • The bill has retrospective operation for taxable year beginning on or after Jan. 1, 2024.
  • Mar. 14, 2024 UTA LEG Governor Approval
  • On Mar. 14, 2024, UTA LEG reported governor approval, bill takes effect May 1, 2024.

Regulators UTA LEG
Entity Types CNSM; Corp
Reference Bill, 3/14/2024; Bill, SB0250S02, 3/1/2024; Citation: UTA LEG 59-2-1209;
Functions Compliance; Financial; Legal; Tax
Countries United States of America
Products Corporate
Regions Am
Rule Type Final
Rule Date 3/1/2024
Effective Date 5/1/2024
Rule Id 203127
Linked to N/A
Reg. Last Update 3/14/2024
Report Section US Consumer

Last substantive update on 03/20/2024