In Wednesday’s Special Session, the Utah Legislature will consider legislation that will correct an inequity in the state’s corporate income tax code.
Senate Bill 1001 will address a situation where Utah’s Tax Commission recently changed an 82-year practice that gave taxpayers the same amount of time to ask for a refund as the government had to look at deficiencies under the standard statute of limitations. Due to ambiguity in current statutory language, the Tax Commission, in 2011, determined that the taxpayer did not have the equal amount of time to seek specific refunds. S.B. 1001 will correct that situation and place the taxpayer and the government on equal footing and return to state to the practice that was followed from 1929 – 2011.
Utah’s lawmakers already approved a version of this legislation in the 2015 general session, it passed both the House and Senate unanimously, but the bill, S.B. 94, was vetoed as it had some technical issues. S.B. 1001 has fixed those issues. The Utah Taxpayers Association appreciates the legislature and Gov. Gary Herbert for addressing this matter in the special session.