59-10-1304 - Removal of designation and prohibitions on collection for certain contributions on income tax form -- Conditions for removal and prohibitions on collection -- Commission reporting require
59-10-1304. Removal of designation and prohibitions on collection for certaincontributions on income tax form -- 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 thedesignation for the contribution from the individual income tax return and may not collect thecontribution from a resident or nonresident individual beginning two taxable years after thethree-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; or
(v) the contribution provided for in Section 59-10-1310.
(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 commissionremoved the designation on or before the November interim meeting of the year in which thecommission determines to remove the designation.
Amended by Chapter 17, 2009 General Session