Utah HB0252 establishes a tax credit for businesses that pay tariffs on imported goods without passing the costs to customers.

Utah HB0252 introduces a nonrefundable tax credit for businesses that pay tariffs on imported goods without passing the costs to customers. To qualify, businesses must receive a written certification from the Governor's Office of Economic Opportunity. The tax credit amount corresponds to the total qualifying tariff payments made by the business during the taxable year. The bill also mandates that the office annually report to the State Tax Commission on recipients of the tax credit and allows the office to create rules for administering the certification requirements.

Utah HB0252 establishes a tax credit for businesses that pay tariffs on imported goods without passing the costs to customers.

Utah HB0252 introduces a nonrefundable tax credit for businesses that pay tariffs on imported goods without passing the costs to customers. To qualify, businesses must receive a written certification from the Governor's Office of Economic Opportunity. The tax credit amount corresponds to the total qualifying tariff payments made by the business during the taxable year. The bill also mandates that the office annually report to the State Tax Commission on recipients of the tax credit and allows the office to create rules for administering the certification requirements.