Utah Code 59-10-1043. Nonrefundable tax credit for military retirement
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(1) As used in this section:
Terms Used In Utah Code 59-10-1043
- Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
- 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
- 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)(1)(a)(i) “Military retirement pay” means retirement pay, including survivor benefits, that relates to service in the armed forces or the reserve components, as described in 10 U.S.C. § 10101.(1)(a)(ii) “Military retirement pay” does not include:(1)(a)(ii)(A) Social Security income;(1)(a)(ii)(B) 401(k) or IRA distributions; or(1)(a)(ii)(C) income from other sources.(1)(b) “Survivor benefits” means the retired pay portion of the benefits described in 10 U.S.C. Secs. 1447 through 1455.(2) Except as provided in Section 59-10-1002.2, a claimant who receives military retirement pay may claim a nonrefundable tax credit against taxes equal to the product of:(2)(a) the percentage listed in Subsection 59-10-104(2); and(2)(b) the amount of military retirement pay 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 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.