Utah: Sales Tax Exemption for Electronic Financial Payment Services
- Apr 15, 2013 | Gail Cole
Utah Governor Gary Herbert (R) signed SB 171 into law on April 1, 2013, thereby securing a "sales and use tax exemption for the purchase or lease of machinery and equipment by qualified electronic financial payment services."
The exemption applies to machinery and equipment "used in the operation of the electronic financial payment services." Such equipment must have "an economic life of three or more years."
Utah became a member of the Streamlined Sales and Use Tax Agreement (SSUTA) in 2002. As such, it is committed to simplifying and modernizing its state sales and use tax laws. SB 171 references the SSUTA.
With the exception of "actions affecting Section 59-12-102," the new law takes effect July 1, 2013. Actions affecting Section 59-12-102 take effect July 1, 2014.
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