Utah Code 59-10-1041. Nonrefundable tax credit for a donation to the Carson Smith Opportunity Scholarship Program
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(1) Except as provided in Subsection (3), a claimant, estate, or trust that makes a donation to the Carson Smith Opportunity Scholarship Program established in Section 53E-7-402 may claim a nonrefundable tax credit equal to 100% of the amount stated on a tax credit certificate issued in accordance with Section 53E-7-407 .
Terms Used In Utah Code 59-10-1041
- 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
- Individual: means a natural person and includes aliens and minors. See Utah Code 59-10-103
- 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
(2) If the amount of a tax credit listed on the tax credit certificate exceeds a claimant’s, estate’s, or trust’s tax liability under this chapter for a taxable year, the claimant, estate, or trust:(2)(a) may carry forward the amount of the tax credit exceeding the liability for a period that does not exceed the next three taxable years; and(2)(b) may carry back the amount of the tax credit that exceeds the claimant’s, estate’s, or trust’s tax liability to the previous taxable year.(3) A claimant, estate, or trust may not claim a credit described in Subsection (1) to the extent the claimant, estate, or trust claims a donation described in Subsection (1) as an itemized deduction on the claimant’s, estate’s, or trust’s federal individual income tax return for that taxable year.