15-31-702. Distribution of corporation license taxes collected from banks or savings and loan associations. (1) All corporation license taxes, interest, and penalties collected from banks and savings and loan associations must, in accordance with the provisions of 15-1-501, be distributed in the following manner:
(a) Twenty percent must be allocated as provided in 15-1-501(1)(b).
(b) Eighty percent is statutorily appropriated, as provided in 17-7-502, for allocation to the various taxing jurisdictions within the county in which a bank or savings and loan association is located.
(2) The corporation license taxes, interest, and penalties distributed under subsection (1)(b) must be allocated to each taxing jurisdiction in the proportion that its mill levy for that fiscal year bears to the total mill levy of the taxing authorities of the district in which the bank or savings and loan association is located.
(3) "Taxing jurisdictions" means, for the purposes of this section, all taxing authorities within a county permitted under state law to levy mills against the taxable value of property in the taxing district in which the bank or savings and loan association is located.
(4) If a return filed by a bank or savings and loan association involves branches or offices in more than one taxing jurisdiction, the department shall provide a method by rule for equitable distribution among those taxing jurisdictions.
(5) All corporation license taxes paid from consolidated returns in which 50% or more of the income is from banks or savings and loan associations must be distributed as provided in subsection (1).
(6) (a) The department shall annually distribute to each county having a bank or savings and loan association a percentage of the total amount collected pursuant to subsection (1), including penalties, interest, or additional taxes from assessments and less any refunds, from July 1 of the previous year through June 30 of the current year. The distribution must be sent to each county treasurer for distribution to the taxing jurisdictions in each district on or before August 1 of each year.
(b) The percentage for distribution must be calculated by taking an average of the ratios of total bank tax liability within a school district to total bank tax liability for all school districts in which a bank or savings and loan association is located in each of the 5 years preceding the current year. The total tax liability must be computed for each year by including all returns filed during that year and all amended returns and adjustments to tax filings made by the department during that year, no matter to which tax year the amended return actually applied.
History: En. Sec. 6, Ch. 634, L. 1979; amd. Sec. 10, Ch. 703, L. 1985; amd. Sec. 12, Ch. 16, L. 1991; amd. Sec. 2, Ch. 626, L. 1991; amd. Sec. 4, Ch. 455, L. 1993; amd. Sec. 11, Ch. 18, L. 1995; amd. Sec. 3, Ch. 369, L. 1997; amd. Sec. 33, Ch. 51, L. 1999.