The act repeals the following infrequently used tax expenditures:
- The crop hail insurance premium tax exemption (section 1 of the act);
- The in-state investment pre-1959 insurance premium tax deduction (section 1);
- The corporate condemnation capital gains income tax deduction (section 2);
- The oil shale excess percentage depletion income tax deduction (section 2);
- The mining and milling impact assistance corporate income tax credit (section 3);
- The oil shale equipment and machinery severance tax deduction (section 4);
- The oil shale processing severance tax deduction (section 4);
- The oil shale severance tax rate reductions (section 4);
- The oil shale noncommercial production severance tax exemption (section 4); and
- The mineral and mineral fuels impact assistance severance tax credit (section 5).
APPROVED by Governor March 23, 2023
EFFECTIVE August 7, 2023
NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)