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House approves tax clarifications and a child tax credit; sponsors combine repatriation, NOL and dependent credit into substitute
Summary
During the special session the House passed a package of tax‑code clarifications: HB 2002 (repatriation tax clarification), HB 2003 (income tax amendments including net operating loss conformity and a child tax credit as part of a second substitute). Sponsors said the repatriation item clarifies a 50% deduction and an eight‑year payment window; HB 2002 passed 65–5 and the substitute HB 2003 passed 67–3.
The Utah House moved quickly through a group of tax cleanups and clarifications during the special session, voting to clarify corporate repatriation tax treatment and to adopt a substituted income‑tax bill that includes net operating loss (NOL) conformity and a nondiscretionary child tax credit.
Representative Eliason (sponsor of HB 2002 and co‑sponsor of related measures) said HB 2002 removes ambiguity created by new IRS guidance after federal tax reform. The bill clarifies that repatriated foreign income is eligible for a 50% reduction for Utah tax purposes and allows corporations up to eight years to remit any tax owed — a change…
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