2006 Utah Code - 59-2-1208 (Superseded 01/01/07) — Amount of homeowner\'s credit -- Cost-of-living adjustment -- Limitation -- General Fund as source of credit.

     59-2-1208 (Superseded 01/01/07).   Amount of homeowner's credit -- Cost-of-living adjustment -- Limitation -- General Fund as source of credit.
     (1) (a) Subject to Subsection (2), for calendar years beginning on or after January 1, 1998, a claimant may claim a homeowner's credit that does not exceed the following amounts:
        If household income is            Homeowner's credit
         $0 -- $7,358                     $577
         $7,359 -- $9,812                     $504
         $9,813 -- $12,264                     $432
        $12,265 -- $14,717                     $324
        $14,718 -- $17,171                     $252
        $17,172 -- $19,479                     $144
        $19,480 -- $21,644                      $71
     (b) (i) For calendar years beginning on or after January 1, 1999, the commission shall increase or decrease the household income eligibility amounts and the credits under Subsection (1)(a) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 1997.
     (ii) For purposes of Subsection (1)(b)(i), the commission shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.
     (2) An individual who is claimed as a personal exemption on another individual's individual income tax return during any portion of a calendar year for which the individual seeks to claim a homeowner's credit under this section may not receive the homeowner's credit.
     (3) The homeowner's credit allowed by this section, and provided for in Section 59-2-1204, shall be derived from the General Fund and appropriate transfers made to effectuate this credit.

Amended by Chapter 272, 2003 General Session