Utah Code 59-10-1042. Nonrefundable tax credit for social security benefits
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(1) As used in this section:
Terms Used In Utah Code 59-10-1042
- 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
- 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(1)(a) “Head of household filing status” means the same as that term is defined in Section 59-10-1018.(1)(b) “Joint filing status” means the same as that term is defined in Section 59-10-1018.(1)(c) “Married filing separately status” means a married individual who:(1)(c)(i) does not file a single federal individual income tax return jointly with that married individual’s spouse for the taxable year; and(1)(c)(ii) files a single federal individual income tax return for the taxable year.(1)(d) “Modified adjusted gross income” means the sum of the following for a claimant or, if the claimant’s return under this chapter is allowed a joint filing status, the claimant and the claimant’s spouse:(1)(d)(i) adjusted gross income for the taxable year for which a tax credit is claimed under this section;(1)(d)(ii) any interest income that is not included in adjusted gross income for the taxable year described in Subsection (1)(d)(i); and(1)(d)(iii) any addition to adjusted gross income required by Section 59-10-114 for the taxable year described in Subsection (1)(d)(i).(1)(e) “Single filing status” means a single individual who files a single federal individual income tax return for the taxable year.(1)(f) “Social security benefit” means an amount received by a claimant as a monthly benefit in accordance with the Social Security Act, 42 U.S.C. § 401 et seq.(2) Except as provided in Section 59-10-1002.2 and Subsections (3) and (4), each claimant on a return that receives a social security benefit may claim a nonrefundable tax credit against taxes otherwise due under this part equal to the product of:(2)(a) the percentage listed in Subsection 59-10-104(2); and(2)(b) the claimant’s social security benefit that is included in adjusted gross income on the claimant’s federal income tax return for the taxable year.(3) A claimant may not:(3)(a) carry forward or carry back the amount of a tax credit under this section that exceeds the claimant’s tax liability for the taxable year; or(3)(b) claim a tax credit under this section for a taxable year if a tax credit under Section 59-10-1019 is claimed on the claimant’s return for the same taxable year.(4) The tax credit allowed by Subsection (2) claimed on a return filed under this part shall be reduced by $.025 for each dollar by which modified adjusted gross income for purposes of the return exceeds:(4)(a) for a federal individual income tax return that is allowed a married filing separately status, $37,500;(4)(b) for a federal individual income tax return that is allowed a single filing status, $45,000;(4)(c) for a federal individual income tax return that is allowed a head of household filing status, $75,000; or(4)(d) for a return under this chapter that is allowed a joint filing status, $75,000.(5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules governing the calculation and method for claiming the tax credit described in this section.