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Senate approves corporate tax change allowing elective double-weighting of sales
Summary
First Substitute House Bill 78, which allows multistate corporations to elect double-weighting of the sales factor for apportioning income among states, passed the Utah Senate; sponsors said it is a technical change and not a repeal of corporate taxes, and the fiscal note was cited at approximately $7 million.
The Utah Senate on March 2 passed First Substitute House Bill 78, a technical change in the corporate franchise and income tax allocation formula that permits corporations with multistate activities to elect to double-weight sales in the apportionment formula.
Sen. Bramble, floor sponsor, described the legislation as a technical fix that "provides an electable double weighting of sales" for multistate corporations and emphasized that the bill does not repeal any corporate taxes. He said the change affects how taxable income is allocated among states for companies with multistate operations and that it has a fiscal note in the neighborhood of $7,000,000.
Under suspension of the rules the Senate considered the bill for second and third readings and final passage. On the recorded roll-call, the Senate reported 23 yes votes, 4 no votes with 2 absent, and the bill will be returned to the House for signature procedures.
