Utah Code 59-10-1017. Utah Educational Savings Plan tax credit
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(1) As used in this section:
Terms Used In Utah Code 59-10-1017
- claimant: means a resident or nonresident person that has state taxable income. See Utah Code 59-10-1002
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- estate: means a nonresident estate or a resident estate that has state taxable income. See Utah Code 59-10-1002
- Grantor: The person who establishes a trust and places property into it.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- tax credit: means a tax credit that a claimant, estate, or trust may:(3)(a) claim:(3)(a)(i) as provided by statute; and(3)(a)(ii) in an amount that does not exceed the claimant's, estate's, or trust's tax liability under this chapter for a taxable year; and(3)(b) carry forward or carry back:(3)(b)(i) if allowed by statute; and(3)(b)(ii) unless otherwise provided in statute, to the extent that the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter for a taxable year. See Utah Code 59-10-1002
- trust: means a nonresident trust or a resident trust that has state taxable income. See Utah Code 59-10-1002
(1)(a) “Account owner” means the same as that term is defined in Section 53B-8a-102.
(1)(b) “Grantor trust” means the same as that term is defined in Section 53B-8a-102.5.
(1)(c) “Higher education costs” means the same as that term is defined in Section 53B-8a-102.5.
(1)(d) “Maximum amount of a qualified investment for the taxable year” means, for a taxable year, the product of the percentage listed in Subsection 59-10-104(2) and:
(1)(d)(i) subject to Subsection (1)(d)(iii), for a claimant, estate, or trust that is an account owner, if that claimant, estate, or trust is other than husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(1)(d)(i)(A) listed in Subsection 53B-8a-106(1)(e)(ii); and
(1)(d)(i)(B) increased or kept for that taxable year in accordance with Subsections 53B-8a-106(1)(f) and (g);
(1)(d)(ii) subject to Subsection (1)(d)(iii), for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(1)(d)(ii)(A) listed in Subsection 53B-8a-106(1)(e)(iii); and
(1)(d)(ii)(B) increased or kept for that taxable year in accordance with Subsections 53B-8a-106(1)(f) and (g); or
(1)(d)(iii) for a grantor trust:
(1)(d)(iii)(A) if the owner of the grantor trust has a single filing status or head of household filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(i); or
(1)(d)(iii)(B) if the owner of the grantor trust has a joint filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(ii).
(1)(e) “Owner of the grantor trust” means the same as that term is defined in Section 53B-8a-102.5.
(1)(f) “Qualified investment” means the same as that term is defined in Section 53B-8a-102.5.
(2) Except as provided in Section 59-10-1002.2 and subject to the other provisions of this section, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax credit equal to the product of:
(2)(a) the amount of a qualified investment made:
(2)(a)(i) during the taxable year; and
(2)(a)(ii) into an account owned by the claimant, estate, or trust; and
(2)(b) the percentage listed in Subsection 59-10-104(2).
(3) A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may make a qualified investment described in Subsection (2).
(4) A claimant, estate, or trust that is an account owner may not claim a tax credit under this section with respect to any portion of a qualified investment described in Subsection (2) that a claimant, estate, trust, or person described in Subsection (3) deducts on a federal income tax return.
(5) A tax credit under this section may not exceed the maximum amount of a qualified investment for the taxable year.
(6) A claimant, estate, or trust that is an account owner may not carry forward or carry back the tax credit under this section.