Utah Code 59-10-1045. Nonrefundable tax credit for taxes paid by pass-through entity
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(1) As used in this section, “taxed pass-through entity taxpayer” means a resident or nonresident individual who:
Terms Used In Utah Code 59-10-1045
- 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
- Pass-through entity: means the same as that term is defined in Section 59-10-1402. See Utah Code 59-10-103
- Pass-through entity taxpayer: means the same as that term is defined in Section 59-10-1402. 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
- Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:
(1)(aa)(i) an individual;(1)(aa)(ii) an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer;(1)(aa)(iii) a pass-through entity; or(1)(aa)(iv) a pass-through entity taxpayer. See Utah Code 59-10-103(1)(a) has income attributed to the individual by a pass-through entity;(1)(b) receives the income described in Subsection (1)(a) after the pass-through entity pays the tax described in Subsection 59-10-1403.2(2); and(1)(c) adds the amount of tax paid on the income described in Subsection (1)(a) to adjusted gross income in accordance with Subsection 59-10-114(1)(i).(2)(2)(a) A taxed pass-through entity taxpayer may claim a nonrefundable tax credit for the taxes imposed under Subsection 59-10-1403.2(2).(2)(b) The tax credit is equal to the amount of the tax paid under Subsection 59-10-1403.2(2) by the pass-through entity on the income attributed to the taxed pass-through entity taxpayer.(3)(3)(a) A taxed pass-through entity taxpayer may carry forward the amount of the tax credit that exceeds the taxed pass-through entity taxpayer’s tax liability for a period that does not exceed the next five taxable years.(3)(b) A taxed pass-through entity taxpayer may not carry back the amount of the tax credit that exceeds the taxed pass-through entity taxpayer’s tax liability for the taxable year. - Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter: