Bill > HB0252

This bill establishes a new nonrefundable individual income tax credit for businesses that pay tariffs, which are federal customs duties on imported goods, on tangible personal property they either hold for sale or use in their business operations, provided they do not pass these costs onto customers. To claim this credit, a business must apply to the Governor's Office of Economic Opportunity (referred to as the "Office") for written certification confirming their eligibility and the credit amount. The Office will then issue this certification and report the details to the tax commission annually. The credit amount is calculated as a percentage of the qualifying tariff payments made by the business. This new tax credit, along with changes to how certain tax credits are apportioned for nonresidents and part-year residents, will be effective starting January 1, 2026, with the bill itself taking effect on May 6, 2026.

https://le.utah.gov/~2026/bills/static/HB0252.html