59-7-701 - Taxation of S corporations -- Revenue and Taxation Interim Committee study.
59-7-701. Taxation of S corporations -- Revenue and Taxation Interim Committeestudy.
(1) Except as provided in Section 59-7-102 and subject to the other provisions of thispart, beginning on July 1, 1994, and ending on the last day of the taxable year that begins on orafter January 1, 2012, but begins on or before December 31, 2012, an S corporation is subject totaxation in the same manner as that S corporation is taxed under Subchapter S - Tax Treatment ofS Corporations and Their Shareholders, Sec. 1361 et seq., Internal Revenue Code.
(2) An S corporation is taxed at the tax rate provided in Section 59-7-104.
(3) The business income and nonbusiness income of an S corporation is subject to Part 3,Allocation and Apportionment of Income - Utah UDITPA Provisions.
(4) An S corporation having income derived from or connected with Utah sources shallmake a return in accordance with Section 59-10-507.
(5) An S corporation shall make payments of estimated tax as required by Section59-7-504.
(6) An S corporation is subject to Chapter 10, Part 14, Pass-Through Entities andPass-Through Entity Taxpayers Act.
(7) A pass-through entity taxpayer as defined in Section 59-10-1402 of an S corporationis subject to Chapter 10, Part 14, Pass-Through Entities and Pass-Through Entity Taxpayers Act.
(8) Provisions under this chapter governing the following apply to an S corporation:
(a) an assessment;
(b) a penalty;
(c) a refund; or
(d) a record required for an S corporation.
(9) (a) During the 2011 interim, the Revenue and Taxation Interim Committee shallstudy the fiscal impacts of:
(i) the enactment of Laws of Utah 2009, Chapter 312; and
(ii) the taxation of S corporations under this part.
(b) On or before November 30, 2011, the Revenue and Taxation Interim Committee shallreport its findings and recommendations on the study to the Executive AppropriationsCommittee.
Amended by Chapter 312, 2009 General Session