Review of credits allowed under this chapter.

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  • (1) As used in this section, "committee" means the Revenue and Taxation Interim Committee.
  • (2)
    • (a) The committee shall review the tax credits described in this chapter as provided in Subsection (3) and make recommendations concerning whether the tax credits should be continued, modified, or repealed.
    • (b) In conducting the review required under Subsection (2)(a), the committee shall:
      • (i) schedule time on at least one committee agenda to conduct the review;
      • (ii) invite state agencies, individuals, and organizations concerned with the tax credit under review to provide testimony;
      • (iii)
        • (A) invite the Governor's Office of Economic Opportunity to present a summary and analysis of the information for each tax credit regarding which the Governor's Office of Economic Opportunity is required to make a report under this chapter; and
        • (B) invite the Office of the Legislative Fiscal Analyst to present a summary and analysis of the information for each tax credit regarding which the Office of the Legislative Fiscal Analyst is required to make a report under this chapter;
      • (iv) ensure that the committee's recommendations described in this section include an evaluation of:
        • (A) the cost of the tax credit to the state;
        • (B) the purpose and effectiveness of the tax credit; and
        • (C) the extent to which the state benefits from the tax credit; and
      • (v) undertake other review efforts as determined by the committee chairs or as otherwise required by law.
  • (3)
    • (a) On or before November 30, 2017, and every three years after 2017, the committee shall conduct the review required under Subsection (2) of the tax credits allowed under the following sections:
      • (i) Section 59-7-601;
      • (ii) Section 59-7-607;
      • (iii) Section 59-7-612;
      • (iv) Section 59-7-614.1; and
      • (v) Section 59-7-614.5.
    • (b) On or before November 30, 2018, and every three years after 2018, the committee shall conduct the review required under Subsection (2) of the tax credits allowed under the following sections:
      • (i) Section 59-7-609;
      • (ii) Section 59-7-614.2;
      • (iii) Section 59-7-614.10;
      • (iv) Section 59-7-619;
      • (v) Section 59-7-620; and
      • (vi) Section 59-7-624.
    • (c) On or before November 30, 2019, and every three years after 2019, the committee shall conduct the review required under Subsection (2) of the tax credits allowed under the following sections:
      • (i) Section 59-7-610;
      • (ii) Section 59-7-614; and
      • (iii) Section 59-7-614.7.
    • (d)
      • (i) In addition to the reviews described in this Subsection (3), the committee shall conduct a review of a tax credit described in this chapter that is enacted on or after January 1, 2017.
      • (ii) The committee shall complete a review described in this Subsection (3)(d) three years after the effective date of the tax credit and every three years after the initial review date.





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