Utah has enacted legislation creating a sales and use tax exemption for purchases or leases of certain machinery and equipment by an electronic financial payment service. The exemption is effective July 1, 2013. To qualify, the machinery and equipment must be used in the operation of an electronic financial payment service and have an economic life of three or more years. Normal operating repair or replacement parts used in the operation of the service which also have an economic life of three or more years are also exempt. An “electronic financial payment service” is an establishment within North American Industry Classification System (NAICS) 522320, Financial Transactions Processing, Reserve, and Clearinghouse Activities, of the 2012 NAICS of the federal Executive Office of the President, Office of Management and Budget, and that performs electronic financial payment services. (S.B. 171, Laws 2013)