1. (1)

   1. (a) For purchasers or lessors of safe harbor leases, the following additions shall be made to unadjusted income:

      1. (i) interest expense; and
      2. (ii) depreciation claimed on safe harbor lease property.

   2. (b) For purchasers or lessors of safe harbor leases, the following subtractions shall be made from unadjusted income:

      1. (i) rental income; and
      2. (ii) amortization of the purchase price of tax benefits.

2. (2)

   1. (a) For sellers or lessees of safe harbor leases the following additions shall be made from unadjusted income:

      1. (i) the amount of gain on the sale of federal tax benefits; and
      2. (ii) rental expense on safe harbor lease property.

   2. (b) For sellers or lessees of safe harbor leases the following subtractions shall be made to unadjusted income:

      1. (i) interest income; and
      2. (ii) depreciation on safe harbor lease property.

Repealed and Re-enacted by Chapter 169, 1993 General Session