Utah Code 59-10-115. Adjustments to adjusted gross income
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(1) As used in this section:
Terms Used In Utah Code 59-10-115
- Individual: means a natural person and includes aliens and minors. See Utah Code 59-10-103
- Nonresident individual: means an individual who is not a resident of this state. 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
- 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) “Net foreign source taxable income” means:(1)(a)(i) the amount calculated on line 17 of Internal Revenue Code Form 1116, Foreign Tax Credit; or(1)(a)(ii) if, for purposes of federal individual income taxes, the amount calculated on line 17 of Form 1116 is reported on a line other than line 17 of Form 1116, the amount on a line of a federal individual income tax form designated by the commission as being substantially similar to line 17 of the 2015 version of Form 1116.(1)(b) “Pass-through entity taxpayer” means the same as that term is defined in Section 59-10-1402.
(2) The commission shall allow an adjustment to adjusted gross income of a resident or nonresident individual if the resident or nonresident individual would otherwise:
(2)(a) receive a double tax benefit under this part; or
(2)(b) suffer a double tax detriment under this part.
(3)
(3)(a) For a pass-through entity taxpayer generating taxable income primarily from establishments classified in Code Section 33242, Metal Tank (Heavy Gauge) Manufacturing, of the 2002 or 2007 North American Industry Classification System of the federal Executive Office of the President, Office of Management and Budget, an adjustment described in Subsection (2) includes net foreign source taxable income generated from Metal Tank (Heavy Gauge) Manufacturing establishments.
(3)(b) The adjustment described in Subsection (3)(a) applies to a taxable year beginning on or after January 1, 2017.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules:
(4)(a) making the designation described in Subsection (1)(a)(ii), if necessary; and
(4)(b) allowing for the adjustment to adjusted gross income required by Subsection (2).