Tariff Payment Tax Credit
Introduction
Jan 20
House Rules
House Committee
House Floor Vote
Senate Rules
Senate Committee
Senate 2nd Reading
Senate 3rd Reading
Governor
What This Bill Does
This bill enacts an individual income tax credit for certain tariff payments.
Key Provisions
This bill:
- defines terms;
- enacts a nonrefundable individual income tax credit for a business entity's payment of tariffs, the costs of which have not been passed to customers, in an amount that corresponds to the total amount of qualifying tariff payments made by the business entity during the taxable year;
- requires a qualifying claimant, before claiming a tax credit, to apply for and receive a written certification from the Governor's Office of Economic Opportunity (office) certifying the qualifying claimant's eligibility for the tax credit and the tax credit amount;
- requires the office to annually report to the State Tax Commission on recipients of a written certification for the tax credit;
- authorizes the office to make rules for administering the certification requirements for the tax credit; and
- makes technical and conforming changes.
Plain-Language Summary
AI-generated summary. We recommend consulting the bill text for important decisions.
Utah businesses that import goods and pay federal tariffs — customs fees charged on products brought into the country — could receive a state income tax credit under this bill, provided they have absorbed those tariff costs themselves rather than passing them on to customers. To claim the credit, a business must apply to the Governor's Office of Economic Opportunity for written certification of eligibility, and the credit amount equals the total qualifying tariff payments multiplied by the state income tax rate.
Introduction
Jan 20
House Rules
House Committee
House Floor Vote
Senate Rules
Senate Committee
Senate 2nd Reading
Senate 3rd Reading
Governor
IntroductionJan 20
House Rules
House Committee
House Floor Vote
Senate Rules
Senate Committee
Senate 2nd Reading
Senate 3rd Reading
Governor
What This Bill Does
This bill enacts an individual income tax credit for certain tariff payments.
Key Provisions
This bill:
- defines terms;
- enacts a nonrefundable individual income tax credit for a business entity's payment of tariffs, the costs of which have not been passed to customers, in an amount that corresponds to the total amount of qualifying tariff payments made by the business entity during the taxable year;
- requires a qualifying claimant, before claiming a tax credit, to apply for and receive a written certification from the Governor's Office of Economic Opportunity (office) certifying the qualifying claimant's eligibility for the tax credit and the tax credit amount;
- requires the office to annually report to the State Tax Commission on recipients of a written certification for the tax credit;
- authorizes the office to make rules for administering the certification requirements for the tax credit; and
- makes technical and conforming changes.
Plain-Language Summary
AI-generated summary. We recommend consulting the bill text for important decisions.
Utah businesses that import goods and pay federal tariffs — customs fees charged on products brought into the country — could receive a state income tax credit under this bill, provided they have absorbed those tariff costs themselves rather than passing them on to customers. To claim the credit, a business must apply to the Governor's Office of Economic Opportunity for written certification of eligibility, and the credit amount equals the total qualifying tariff payments multiplied by the state income tax rate.
Documents
Subjects
Action History11
House/ filed
House file for bills not passed
House/ strike enacting clause
Clerk of the House
House/ 1st reading (Introduced)
House Rules Committee
House/ received fiscal note from Fiscal Analyst
Clerk of the House
House/ received bill from Legislative Research
Clerk of the House
Last updated Mar 26, 2026, 9:40 PM