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Utah House passes bill narrowing when intangible assets are taxed
Summary
The House approved House Bill 370 on Feb. 25, 1998, clarifying that intangible property capable of separate ownership is exempt from ad valorem property tax and limiting how intangible attributes attached to tangible property are treated; the bill passed 68–0 and will go to the Senate.
Representative John L. Valentine, sponsor of House Bill 370, told the House the measure draws a bright line between intangible property that can be owned separately and the intangible attributes that may attach to tangible property. "What House Bill 370 attempts to do is attempts to define a bright line between intangible property, which is capable of separate ownership, and tangible property," Valentine said during floor debate.
Valentine told colleagues the bill does not overturn earlier case law but limits its scope. He said…
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