DALLAS, April 6, 2015 /PRNewswire/ --
Drilling Equipment Manufacturer
Utah Senate Bill 182 ("S.B. 182") created a
partial sales and use tax exemption for certain purchases or leases
made by a drilling equipment manufacturer. A drilling equipment
manufacturer is defined as a facility: (a) located in Utah; (b) where 51% or more of the
manufacturing activities of the facility involve manufacturing
component parts of drilling equipment; (c) that uses pressure of
800,000 or more pounds per square inch as part of the manufacturing
process; and (d) that uses a temperature of 2,000 or more degrees
Fahrenheit as part of the manufacturing process.
The exemption applies to machinery, equipment, materials, or
normal operating repair or replacement parts that are used or
consumed exclusively in the drilling equipment manufacturer's
manufacturing process. The exemption is effective beginning
July 1, 2015 and ends on June 30, 2017. In order for a drilling
manufacturer to claim the exemption, it must file for a refund of
50% of the tax paid on the amounts paid or charged.
County Sales and Use Tax
Utah House Bill 362 ("H.B.
362") permits a county to impose a sales and use tax at the rate of
.25% on transactions that occur or are sourced to the county. The
tax collected is to be used for highways and public transit within
the county. H.B. 362 is effective July 1,
2015.
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TECHNICAL INFORMATION CONTACT:
Jeremiah T. Lynch
Principal
Ryan
212.871.3901
jeremiah.lynch@ryan.com
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