Utah Code § 59-7-111

Current through the 2024 Fourth Special Session

Section 59-7-111 - Safe harbor lease provisions

(1)

(a) For purchasers or lessors of safe harbor leases, the following additions shall be made to unadjusted income:

(i) interest expense; and

(ii) depreciation claimed on safe harbor lease property.

(b) For purchasers or lessors of safe harbor leases, the following subtractions shall be made from unadjusted income:

(i) rental income; and

(ii) amortization of the purchase price of tax benefits.

(2)

(a) For sellers or lessees of safe harbor leases the following additions shall be made from unadjusted income:

(i) the amount of gain on the sale of federal tax benefits; and

(ii) rental expense on safe harbor lease property.

(b) For sellers or lessees of safe harbor leases the following subtractions shall be made to unadjusted income:

(i) interest income; and

(ii) depreciation on safe harbor lease property.

Utah Code § 59-7-111

Repealed and Re-enacted by Chapter 169, 1993 General Session