2006 Utah Code - 59-7-111 — Safe harbor lease provisions.

     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.

Repealed and Re-enacted by Chapter 169, 1993 General Session