Section 40-18-57 – Rules to Be Promulgated by Department of Revenue.
Section 40-18-57 Rules to be promulgated by Department of Revenue. The Department of Revenue shall from time to time, as said department shall deem desirable, promulgate such reasonable rules and regulations governing procedure and methods of ascertaining and determining gains and income so as to conform as nearly as possible to the best accounting practice […]
Section 40-18-58 – Appropriation.
Section 40-18-58 Appropriation. There is hereby appropriated out of the proceeds of the income tax levied and collected under the provisions of this chapter to the Property Tax Relief Fund such an amount as may be necessary for the replacement of any revenues lost by reason of the exemption of homesteads from all state ad […]
Section 40-18-59 – Additional Appropriations.
Section 40-18-59 Additional appropriations. In addition to all other appropriations heretofore or hereinafter made, there is hereby appropriated to the Department of Revenue for the fiscal year ending September 30, 2000, such amount as is reasonably required to offset its conversion costs as a first charge against the revenues from the tax levied by Act […]
Section 40-18-39 – Corporate Returns.
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation, joint stock company, or association subject to income tax under this chapter shall file a return with the Department of Revenue for each taxable year, stating specifically the items of its gross income and the deductions and credits allowed by this chapter. […]
Section 40-18-60 – Covid-19 Recovery Capital Credit Protection Act of 2021.
Section 40-18-60 COVID-19 Recovery Capital Credit Protection Act of 2021. This section shall be known and may be cited as the “COVID-19 Recovery Capital Credit Protection Act of 2021.” (b) For the purposes of this section the following terms shall have the assigned meanings: (1) APPROVED PROJECT ENTITY. An entity that has filed a notice […]
Section 40-18-39.1 – Business Interest Expense Deduction Limitations.
Section 40-18-39.1 Business interest expense deduction limitations. (a) For a tax year in which the business interest expense deduction of the taxpayer, or of any federal consolidated return group of which the taxpayer is a member, is not limited pursuant to 26 U.S.C. § 163(j) on the federal income tax return for the tax year, […]
Section 40-18-61 – Restaurant Revitalization Grant Monies.
Section 40-18-61 Restaurant revitalization grant monies. For tax years ending after March 11, 2021, the date of enactment of the federal American Rescue Plan Act, any amount received from the Administrator of the Small Business Administration in the form of a restaurant revitalization grant under Section 5003 of the American Rescue Plan Act shall be […]
Section 40-18-40 – Tax to Be Reported on Forms; Department May Assess Additional Tax Penalty or Interest.
Section 40-18-40 Tax to be reported on forms; department may assess additional tax penalty or interest. The income tax provided in this chapter shall be reported on forms as prescribed by the department. The failure to receive such form from the department shall not relieve a taxpayer from liability for any tax penalty or interest […]
Section 40-18-41 – Amortization of Ad Valorem Tax.
Section 40-18-41 Amortization of ad valorem tax. Any surplus remaining from the proceeds of the tax imposed by this chapter after providing for interest and installment annual payments or annual amortization installments on the current debts of the state as of September 30, 1932, shall be applied to the reduction of the ad valorem state […]
Section 40-18-42 – Time and Methods of Payment of Tax.
Section 40-18-42 Time and methods of payment of tax. (a) Time of payment for individuals. In the case of individuals, the total balance of the tax owed after credits for taxes paid through withholding as provided in Section 40-18-78, or through estimated payments as provided in Sections 40-18-82 and 40-18-83, shall be due and payable […]