Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 109 Sixth Substitute (2017GS)

Sponsor

Sen. Weiler, T.

Final action

Became Law w/o Governor Signature 3/29/2017

Outcome

Became Law w/o Governor Signature

Summary

What it does

• This bill:
• defines terms; and
• establishes an income tax credit for certain small employers that offer employees access to a qualified retirement plan.

Every vote on this bill

Bill text

SMALL EMPLOYER RETIREMENT PROGRAM
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Todd Weiler
House Sponsor: 
Gage Froerer
LONG TITLE
General Description:
This bill enacts provisions relating to tax credits for small employers.
Highlighted Provisions:
This bill:
▸ defines terms; and
▸ establishes an income tax credit for certain small employers that offer employees
access to a qualified retirement plan.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
ENACTS:
59-7-621
, Utah Code Annotated 1953
59-10-1038
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
59-7-621
 is enacted to read:
 59-7-621.
Nonrefundable tax credit for small employer's participation in
retirement.
(1) As used in this section:
(a) "Participating employer" means a small employer that offers a qualified plan to the
employer's employees for voluntary enrollment.
(b) "Qualified plan" means a retirement plan that meets the requirements of the
Employee Retirement Income Security Act of 1974, 29 U.S.C. Sec. 1001 et seq.
(c) "Small employer" means an employer in the state that has at least 10, but fewer than
employees who work in the state.
(2) For a taxable year that begins on or after January 1, 2018, and before January 1,
2019, a participating employer may claim a $500 nonrefundable tax credit for the taxable year
in which the participating employer first offers a qualified plan.
(3) A participating employer may not carry forward or carry back a tax credit described
in this section.
Section 2. Section 
59-10-1038
 is enacted to read:
 59-10-1038.
Nonrefundable tax credit for small employer's participation in
retirement.
(1) As used in this section:
(a) "Participating employer" means a small employer that offers a qualified plan to the
employer's employees for voluntary enrollment.
(b) "Qualified plan" means a retirement plan that meets the requirements of the
Employee Retirement Income Security Act of 1974, 29 U.S.C. Sec. 1001 et seq.
(c) "Small employer" means an employer in the state that has at least 10, but fewer than
employees who work in the state.
(2) For a taxable year that begins on or after January 1, 2018, and before January 1,
2019, a participating employer may claim a $500 nonrefundable tax credit for the taxable year
in which the participating employer first offers a qualified plan.
(3) A participating employer may not carry forward or carry back a tax credit described
in this section.