Utah Code 59-7-625. Nonrefundable tax credit for a donation to the Carson Smith Opportunity Scholarship Program
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(1) A taxpayer 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 59-7-625
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- taxable year: includes the period for which such return is made. See Utah Code 59-7-101
- Taxpayer: means any corporation subject to the tax imposed by this chapter. See Utah Code 59-7-101
(2) If the amount of a tax credit listed on the tax credit certificate exceeds a taxpayer’s liability under this chapter for a taxable year, the taxpayer:
(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 taxpayer’s tax liability to the previous taxable year.