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UT HB0252

Bill

Official Source

Status

Failed

3/6/2026

Primary Sponsor

Andrew Stoddard

Click for details

Origin

House of Representatives

2026 General Session

AI Summary

  • Creates a nonrefundable individual income tax credit for business entities that pay federal customs duties (tariffs) on imported tangible personal property and do not pass those costs to customers
  • Tax credit amount equals the total qualifying tariff payments multiplied by the state income tax rate percentage
  • Requires businesses to obtain written certification from the Governor's Office of Economic Opportunity before claiming the credit, with the office responsible for verifying eligibility and credit amounts
  • Credit cannot be carried forward or carried back if it exceeds the taxpayer's tax liability for the year
  • Effective May 6, 2026, with retrospective application to taxable years beginning on or after January 1, 2026

Legislative Description

Tariff Payment Tax Credit

Income Tax

Last Action

House/ filed in House file for bills not passed

3/6/2026

Committee Referrals

Rules1/20/2026

Full Bill Text

No bill text available