2011 Utah Code
Title 59 Revenue and Taxation
Chapter 2 Property Tax Act
Section 1115 Exemption of certain tangible personal property.

59-2-1115. Exemption of certain tangible personal property.
(1) For purposes of this section:
(a) (i) "Acquisition cost" means all costs required to put an item of tangible personal property into service; and
(ii) includes:
(A) the purchase price for a new or used item;
(B) the cost of freight and shipping;
(C) the cost of installation, engineering, erection, or assembly; and
(D) sales and use taxes.
(b) (i) "Item of taxable tangible personal property" does not include an improvement to real property or a part that will become an improvement.
(ii) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules defining the term "item of taxable tangible personal property."
(c) (i) "Taxable tangible personal property" means tangible personal property that is subject to taxation under this chapter.
(ii) "Taxable tangible personal property" does not include:
(A) tangible personal property required by law to be registered with the state before it is used:
(I) on a public highway;
(II) on a public waterway;
(III) on public land; or
(IV) in the air;
(B) a mobile home as defined in Section 41-1a-102; or
(C) a manufactured home as defined in Section 41-1a-102.
(2) (a) The taxable tangible personal property of a taxpayer is exempt from taxation if the taxable tangible personal property has a total aggregate fair market value per county of $3,500 or less.
(b) An item of taxable tangible personal property is exempt from taxation if the item of taxable tangible personal property:
(i) has an acquisition cost of $1,000 or less;
(ii) has reached a percent good of 15% or less according to a personal property schedule:
(A) published by the commission pursuant to Section 59-2-107; or
(B) for an item of personal property that is designated as expensed personal property in accordance with Section 59-2-108, described in Section 59-2-108; and
(iii) is in a personal property schedule with a residual value of 15% or less.
(3) (a) For calendar years beginning on or after January 1, 2008, the commission shall increase the dollar amount described in Subsection (2)(a):
(i) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; and
(ii) up to the nearest $100 increment.
(b) For purposes of this Subsection(3), the commission shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.
(c) If the percentage difference under Subsection(3)(a)(i) is zero or a negative percentage, the consumer price index increase for the year is zero.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the

commission may make rules to administer this section and provide for uniform implementation.