Utah HB0587 amends corporate and individual income tax rates, and modifies tax provisions for domestic research and experimental expenditures.

Utah HB0587 amends the corporate franchise and income tax rates, and the individual income tax rate. It creates an addition for domestic research and experimental expenditures that a taxpayer fully deducts on the federal tax return for a taxable year. The bill also authorizes a taxpayer that adds back domestic research and experimental expenditures to subtract those expenditures according to an amortization schedule on the state tax return. The bill has retrospective operation for taxable years beginning on or after January 1, 2026.

Utah HB0587 amends corporate and individual income tax rates, and modifies tax provisions for domestic research and experimental expenditures.

Utah HB0587 amends the corporate franchise and income tax rates, and the individual income tax rate. It creates an addition for domestic research and experimental expenditures that a taxpayer fully deducts on the federal tax return for a taxable year. The bill also authorizes a taxpayer that adds back domestic research and experimental expenditures to subtract those expenditures according to an amortization schedule on the state tax return. The bill has retrospective operation for taxable years beginning on or after January 1, 2026.