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(1) Beginning on or after July 1, 2006, and subject to Section 11-13-303, an in lieu excise tax is imposed on the gross receipts of a taxpayer engaging in business in the state of Utah in each taxable year as follows:
Gross Receipts AmountRate of Tax
Not in excess of $10,000,000None
In excess of $10,000,000 but not in excess of $500,000,000 .6250%
In excess of $500,000,000 but not in excess of $1,000,000,000 .9375%
In excess of $1,000,000,0001.2500%
(2) It is the intent of the Legislature that, as a result of the tax rate decrease provided in Section 59-8-104 of Chapter 221, Laws of Utah 2006, all or a portion of any cost decrease received by a taxpayer as a result of the tax rate decrease be used in whole or in part for expenditures, scholarships, or grants that will benefit the citizens of this state.