Tax Commission, Auditing

Section R865-19S-123

Specie Legal Tender Pursuant to Utah Code Ann. Section 59-12-107

Notice of Proposed Rule

(Amendment)

DAR File No.: 36175
Filed: 05/11/2012 12:35:50 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The proposed section is necessary to implement H.B. 157 (2012 General Session).

Summary of the rule or change:

The proposed section indicates the London fixing price that a seller shall use to determine the amount of sales tax due in specie legal tender and in dollars when the London fixing price is not available for the day on which a purchase is made in specie legal tender.

State statutory or constitutional authorization for this rule:

• Section 59-12-107

Anticipated cost or savings to:

the state budget:

None--Any fiscal impact would have been considered in H.B. 157 (2012).

local governments:

None--Any fiscal impact would have been considered in H.B. 157 (2012).

small businesses:

None--Any fiscal impact would have been considered in H.B. 157 (2012).

persons other than small businesses, businesses, or local governmental entities:

None--Any fiscal impact would have been considered in H.B. 157 (2012).

Compliance costs for affected persons:

None--The proposed rule indicates to use the latest available London fixing price to determine the tax on a transaction conducted in specie legal tender if there is no London fixing price available for the day on which the transaction occurs.

Comments by the department head on the fiscal impact the rule may have on businesses:

This proposal adopts the same standard as the amendments made to statute by H.B. 157 (2012), therefore, there is no fiscal impact.

Michael Cragun, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Auditing
210 N 1950 W
SALT LAKE CITY, UT 84134

Direct questions regarding this rule to:

• Christa Johnson at the above address, by phone at 801-297-3901, by FAX at 801-297-3907, or by Internet E-mail at cj@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

07/02/2012

This rule may become effective on:

07/09/2012

Authorized by:

Michael Cragun, Tax Commissioner

R865. Tax Commission, Auditing.

R865-19S. Sales and Use Tax.

R865-19S-123. Specie Legal Tender Pursuant to Utah Code Ann. Section 59-12-107.

For purposes of determining the amount of sales tax due in specie legal tender and in dollars for a purchase made in specie legal tender, if the London fixing price is not available for a day on which a purchase is made in specie legal tender, a seller shall use the latest available London fixing price for the specie legal tender the purchaser paid that precedes the date of the purchase.

 

KEY: charities, tax exemptions, religious activities, sales tax

Date of Enactment or Last Substantive Amendment: [February 9, ]2012

Notice of Continuation: January 3, 2012

Authorizing, and Implemented or Interpreted Law: 9-2-1702; 9-2-1703; 10-1-303; 10-1-306; 10-1-307; 10-1-405; 19-6-808; 26-32a-101 through 26-32a-113; 59-1-210; 59-12; 59-12-102; 59-12-103; 59-12-104; 59-12-105; 59-12-106; 59-12-107; 59-12-108; 59-12-118; 59-12-301; 59-12-352; 59-12-353