Repeal Of Infrequently Used Tax Expenditures

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.)