Refund of amounts paid or withheld for a pass-through entity

(1) As used in this section,"qualifying excess withholding" means an amount that: (a) is paid or withheld: (i) by a pass-through entity that has a different taxable year than the pass-through entity that requests a refund under this section; and (ii) on behalf of the pass-through entity that requests the refund, if the pass-through entity that requests the refund also is a pass-through entity taxpayer; and (b) is equal to the difference between: (i) the amount paid or withheld for the taxable year on behalf of the pass-through entity that requests the refund; and (ii) the product of the percentage listed in Subsection 59-10-104(2) and the income, described in Subsection 59-10-1403.2(1)(a)(i), of the pass-through entity that requests the refund. (2) A pass-through entity may claim a refund of qualifying excess withholding, if the amount of the qualifying excess withholding is equal to or greater than $250,000. (3) A pass-through entity that requests a refund of qualifying excess withholding under this section shall: (a) apply to the commission for a refund on or, subject to Subsection (4), after the day on which the pass-through entity files the pass-through entity's income tax return; and (b) provide any information that the commission may require to determine that the pass-through entity is eligible to receive the refund. (4) A pass-through entity shall claim a refund of qualifying excess withholding under this section within 30 days after the earlier of the day on which: (a) the pass-through entity files an income tax return; or (b) the pass-through entity's income tax return is due, including any extension of due date authorized in statute. (5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules establishing the information that a pass-through entity shall provide to the commission to obtain a refund of qualifying excess withholding under this section.