§ 59-7-903. Removal of tax credit from tax return -- Prohibition on claiming or carrying forward a tax credit -- Commission reporting requirements. (Effective 1/1/2015)

(1) Subject to Subsection (2), the commission shall remove a tax credit from a tax return and a person filing a tax return may not claim or carry forward the tax credit if:

(a) the total amount of tax credit claimed or carried forward by all persons who file a tax return is less than $10,000 per taxable year for three consecutive taxable years; and

(b) less than 10 persons per year for the three consecutive taxable years described in Subsection (1)(a) file a tax return claiming or carrying forward the tax credit.

(2) If the commission determines the requirements of Subsection (1) are met, the commission shall remove a tax credit from a tax return and a person filing a tax return may not claim or carry forward the tax credit beginning two taxable years after the January 1 immediately following the date the commission determines the requirements of Subsection (1) are met.

(3) The commission shall, on or before the November interim meeting of the year after the taxable year in which the commission determines the requirements of Subsection (1) are met:

(a) report to the Revenue and Taxation Interim Committee that, in accordance with this section:

(i) the commission is required to remove a tax credit from a return on which the tax credit appears; and

(ii) a person filing a tax return may not claim or carry forward the tax credit; and

(b) notify each state agency required by statute to assist in the administration of the tax credit that, in accordance with this section:

(i) the commission is required to remove a tax credit from a return on which the tax credit appears; and

(ii) a person filing a tax return may not claim or carry forward the tax credit.

Enacted by Chapter 315, 2014 General Session