Utah Code 59-1-1503. Nonrefundable credit — Sales and use tax exemption — Sales and use tax remittance
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(1) A nonrefundable individual income tax credit is allowed as provided in Section 59-10-1028 related to a capital gain on a transaction involving the exchange of one form of legal tender for another form of legal tender.
Terms Used In Utah Code 59-1-1503
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- specie legal tender: means gold or silver coin that is issued by the United States. See Utah Code 59-1-1501.1
(2) Sales of currency or coin are exempt from sales and use taxes as provided in Subsection 59-12-104(50) .
(3) The remittance of a sales and use tax on a transaction involving specie legal tender is as provided in Section 59-12-107 .