§ 59-10-1304. Removal of designation and prohibitions on collection for certain contributions on income tax return -- Conditions for removal and prohibitions on collection -- Commission reporting requirements.

(1)

(a) If a contribution or combination of contributions described in Subsection (1)(b) generate less than $30,000 per year for three consecutive years, the commission shall remove the designation for the contribution from the individual income tax return and may not collect the contribution from a resident or nonresident individual beginning two taxable years after the three-year period for which the contribution generates less than $30,000 per year.

(b) The following contributions apply to Subsection (1)(a):

(i) the contribution provided for in Section 59-10-1305;

(ii) the contribution provided for in Section 59-10-1306;

(iii) the sum of the contributions provided for in Subsection 59-10-1307(1);

(iv) the contribution provided for in Section 59-10-1308;

(v) the contribution provided for in Section 59-10-1310;

(vi) the contribution provided for in Section 59-10-1315;

(vii) the sum of the contributions provided for in:

(A) Section 59-10-1316; and

(B) Section 59-10-1317; or

(viii) the contribution provided for in Section 59-10-1318.

(2) If the commission removes the designation for a contribution under Subsection (1), the commission shall report to the Revenue and Taxation Interim Committee that the commission removed the designation on or before the November interim meeting of the year in which the commission determines to remove the designation.

Amended by Chapter 235, 2013 General Session
Amended by Chapter 338, 2013 General Session