§ 59-7-111. Safe harbor lease provisions.

Latest version.

(1)

(a)

For purchasers or lessors of safe harbor leases, the following additions shall be made to unadjusted income:

(i)	interest expense; and

(ii)	depreciation claimed on safe harbor lease property.

(b)

For purchasers or lessors of safe harbor leases, the following subtractions shall be made from unadjusted income:

(i)	rental income; and

(ii)	amortization of the purchase price of tax benefits.

(2)

(a)

For sellers or lessees of safe harbor leases the following additions shall be made from unadjusted income:

(i)	the amount of gain on the sale of federal tax benefits; and

(ii)	rental expense on safe harbor lease property.

(b)

For sellers or lessees of safe harbor leases the following subtractions shall be made to unadjusted income:

(i)	interest income; and

(ii)	depreciation on safe harbor lease property.

Repealed and Re-enacted by Chapter 169, 1993 General Session

                    
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