Tariff Payment Tax Credit

HB 252 creates a nonrefundable individual income tax credit for Utah businesses that pay tariffs on imported goods but do not pass those costs to customers. It applies to businesses importing items held for sale or used in operations, such as manufacturers or retailers. To claim the credit, businesses must first obtain written certification from the Governor's Office of Economic Opportunity verifying their eligibility and the credit amount, which equals the total qualifying tariff payments multiplied by a set percentage. The credit is limited to the business's tax liability for the year and cannot be carried forward, with certification requirements effective retroactively from January 1, 2026.