59-6-101. Definitions.

416 words·~2 min read·/ut/title-59/chapter-6/59-6-101

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in this chapter:

(1)"Business entity" means a claimant that is a:

(a)C corporation;

(b)S corporation;

(c)general partnership;

(d)limited liability company;

(e)limited liability partnership;

(f)limited partnership; or

(g)business entity similar to Subsections (1)(c) through

(f):

(i)with respect to which the business entity's income or losses are divided among and passed through to taxpayers; and

(ii)as defined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .

(a)Except as provided in Subsection (2)(b) , "claimant" means a resident or nonresident person.

(b)"Claimant" does not include an estate or trust.

(3)"Estate" means a nonresident estate or a resident estate.

(4)"Minerals" means:

(a)metalliferous minerals as defined in Section 59-2-102 ;

(b)nonmetalliferous minerals as defined in Section 59-2-102 ; or

(c)a combination of Subsections (4)(a) and

(b).

(5)"Producer" means a person that:

(a)produces or extracts minerals from deposits in this state; or

(b)is the first purchaser of minerals produced or extracted from deposits in this state.

(6)"Refundable tax credit" or "tax credit" means a tax credit that a claimant, estate, or trust may claim:

(a)as provided by statute; and

(b)regardless of whether the claimant, estate, or trust has a tax liability:

(i)for a tax imposed under:

(A)Chapter 7, Corporate Franchise and Income Taxes ;

(B)Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act ; or

(C)Chapter 10, Individual Income Tax Act ; and

(ii)for the taxable year for which the claimant, estate, or trust claims the tax credit.

(7)"Taxable year" means the taxable year of a claimant, estate, or trust under:

(a)Chapter 7, Corporate Franchise and Income Taxes ;

(b)Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act ; or

(c)Chapter 10, Individual Income Tax Act .

(8)"Tax return" means a return required by:

(a)Chapter 7, Corporate Franchise and Income Taxes ;

(b)Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act ; or

(c)Chapter 10, Individual Income Tax Act .

(9)"Trust" means a nonresident trust or a resident trust.

(10)"Withholding return" means a return a producer is required to file under this chapter.

Amended by Chapter 255 , 2008 General Session