59-1-213 - Annual report on Internal Revenue Code changes.
59-1-213. Annual report on Internal Revenue Code changes.
The commission shall annually report to the Revenue and Taxation Interim Committee onor before the October interim meeting concerning the impacts of the reliance of this title on theInternal Revenue Code, including:
(1) any modification to the Internal Revenue Code that is likely to have a fiscal impacton state revenues:
(a) that became effective:
(i) if the commission is preparing its initial report in accordance with this section, duringthe previous calendar year; or
(ii) if the commission has prepared a previous report in accordance with this section,after the most recent report prepared in accordance with this section; or
(b) that have been enacted and will become effective prior to the end of the calendar yearthat begins January 1 following the current report prepared in accordance with this section;
(2) the fiscal impacts a modification described in Subsection (1) may have on staterevenues; and
(3) statutory or administrative options to:
(a) implement the effects on this title of a modification described in Subsection (1); or
(b) change this title to prevent this title from implementing a modification described inSubsection (1).
Enacted by Chapter 176, 2004 General Session