Taxes

Oil and gas drilling recovers, but state collects little tax

Last updated Friday, February 10, 2012 - 8:44am

A new report says Utah's oil and gas drilling activity has made a strong recovery since hitting a recession-induced low in 2009, but the state isn't collecting enough tax from the industry.

The report was prepared by Headwaters Economics, a nonprofit, independent research group based in Montana that aims to improve community development and land-management decisions in the West.

According to the report, natural gas production in Utah is at pre¬-recession highs, and oil production in the state is at its highest point in 20 years.

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Tax amendment defeated by narrow House vote

Antone Clark Standard-Examiner

Last updated Monday, February 6, 2012 - 10:17pm

SALT LAKE CITY -- A local lawmaker's bid to dedicate revenues generated by taxes on natural resources to a trust fund, rather than the general fund, was defeated in the House by a 39-36 count Monday.

Sponsored by Rep. Jim Nielson, R-Bountiful, HB210 would have mandated the immediate redirection of some of the tax generated by gas, oil and mining tax revenues into the existing state trust fund.

The trust fund is to prepare for the future, when natural resources may no longer generate revenue for a given community.

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IRS looks at business vs. hobby

Tracy Bunner Standard-Examiner

Last updated Monday, January 30, 2012 - 9:29pm

You’ve heard the saying that a person must “walk the walk” to prove what they say is true. That holds true when you are telling the IRS that you are engaged in a business.

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Tax cuts among proposals for Utah budget surplus

Josh Loftin The Associated Press

Last updated Monday, January 30, 2012 - 1:35pm

SALT LAKE CITY — A projected budget surplus has prompted some Utah lawmakers to push for reduced government spending by increasing state reserves or issuing long-term tax cuts.

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Romney's tax returns offer a glimpse into LDS tithing

Rachel Zoll The Associated Press

Last updated Friday, January 27, 2012 - 12:32pm

Mitt Romney's newly released tax returns provide more than an accounting of the Republican presidential candidate's remarkable personal wealth. The documents also give a rare glimpse into tithing to The Church of Jesus Christ of Latter-day Saints by one of its most prominent members.

Romney reports he will give a total of $4.13 million to the LDS Church over two years as part of his overall charitable donations. The former Massachusetts governor reported income of about $43 million for the two years. Separately, over the past decade, Romney and his wife, Ann, have given more than $4.7 million to the denomination through the Tyler Charitable Foundation, a multimillion-dollar trust the couple leads.

Mitt Romney, National Government, Presidential Campaign, Religion, Taxes, Featured, LDS Church, National Read more Comments

Pleasant View residents question need for city administrator

Terrie Stephenson Standard-Examiner

Last updated Wednesday, January 25, 2012 - 6:40am

PLEASANT VIEW -- As the city goes through the process of hiring a new city administrator, two residents are questioning the need for such a position in the first place.

City Government, Jobs, Taxes, Utah Read more Comments

Utah stops printing paper tax forms, shifts online

Contributed The Associated Press

Last updated Tuesday, January 24, 2012 - 5:20pm

SALT LAKE CITY -- Utah state officials say they won't be printing out and mailing individual tax booklets and forms because most residents are filing online.

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Republican presidential candidate, former Massachusetts Gov. Mitt Romney, speaks at the National Gypsum Company in Tampa, Fla., Tuesday, Jan. 24, 2012. (AP Photo/Charles Dharapak)

Tax returns show Romney made $21.7 million in 2010

Kasie Hunt The Associated Press

Last updated Tuesday, January 24, 2012 - 11:41am

TAMPA, Fla. -- Republican presidential candidate Mitt Romney paid about $3 million in federal income taxes in 2010, having earned more than seven times that from his investments. Those earnings, $21.7 million, put him among the wealthiest of American taxpayers. Romney's campaign said Tuesday he followed all tax laws.

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CHARLES DHARAPAK/The Associated Press
Republican presidential candidate, former Massachusetts Gov. Mitt Romney, campaigns at Allstar Building Materials in Ormond Beach, Fla., on Sunday.

Buffett blames tax rate law

Jim Puzzanghera The Associated Press

Last updated Monday, January 23, 2012 - 11:26pm

WASHINGTON -- Billionaire investor Warren Buffett said he doesn't blame Republican presidential candidate Mitt Romney for paying only about 15 percent of his income in taxes, saying it was misguided federal law that allowed very wealthy people who make a living "shoving around money" to pay a lower rate than average Americans.

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Romney to release his tax returns on Tuesday

Kasie Hunt The Associated Press

Last updated Sunday, January 22, 2012 - 10:49am

WASHINGTON — Republican presidential candidate Mitt Romney said Sunday that he will release his 2010 tax returns and 2011 estimates on Tuesday, acknowledging it was a mistake for his campaign not to have done so earlier.

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Republican presidential candidate, former Massachusetts Gov. Mitt Romney, campaigns in Irmo, S.C., Wednesday, Jan. 18, 2012. (AP Photo/Charles Dharapak)

Romney had millions in offshore Cayman accounts

Kasie Hunt The Associated Press

Last updated Thursday, January 19, 2012 - 11:28am

CHARLESTON, S.C. — Under duress two days before the pivotal South Carolina primary, Republican front-runner Mitt Romney acknowledged he has invested part of his millions in the Cayman Islands, although his aides say he never used the location as a tax haven.

Neither Romney nor his campaign provided details, such as how much he has invested there, why he invested there or if he has invested any of his money elsewhere outside the United States.

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Ogden stretches River Project tax deal

Mitch Shaw Standard-Examiner

Last updated Tuesday, January 17, 2012 - 11:17pm

OGDEN -- The Ogden Redevelopment Agency board adopted a resolution Tuesday night that will extend the Ogden River Project tax increment collection period by eight years.

The tax increment collection period for the Ogden River Project was set to expire June 30, 2019, but the extension allows the RDA to collect tax increment through June 2027.

Tax increment financing is a tool that captures projected property tax revenue created by a development and then allows those funds to be invested for improvements associated with the project.

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N. Ogden seeks RAMP funds to create dog park

Rachel J. Trotter Standard-Examiner

Last updated Tuesday, January 17, 2012 - 11:24pm

NORTH OGDEN -- The city is applying for $77,580 in RAMP grants this year.

One of the biggest changes that will occur if funds are granted will be a new dog park on an acre of Lomond View Park, 220 E. Elberta Drive. The city is requesting $7,200 for the dog park.

The city is also seeking just more than $31,000 for new scoreboards for city parks, $17,000 to refinish tennis courts, and money for Cherry Days, dugouts and an addition to the property where the museum is housed.

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Idaho hesitates on tax relief

William L. Spence Lewiston Tribune

Last updated Tuesday, January 17, 2012 - 10:14am

BOISE, Idaho -- A coming revenue forecast could affect how much money gets set aside for tax relief this session, but looming federal budget cuts may play a role as well.

Gov. C.L. (Butch) Otter allocated $45 million for general tax relief in his fiscal 2013 budget proposal. He also recommended $60 million for savings and $41 million for employee raises, based on a 5.8 percent, $148 million increase in revenue next year.

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Volunteers ready for tax assistance

Bryon Saxton Standard-Examiner

Last updated Friday, January 13, 2012 - 10:29pm

FARMINGTON -- The Volunteer Income Tax Assistance program beginning Jan. 23 will be available to Davis and Morgan residents who have a household or individual income of $50,000 or less a year.

The program will be offered at city hall, library, and university and college locations throughout Davis County from 3 p.m. to 5 p.m. Tuesdays and from noon to 3 p.m. Saturdays at the Morgan County Library, 50 N. 100 West, Morgan.

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