2006 Utah Code - 59-2-1209 (Superseded 01/01/07) — Amount of renter\'s credit -- Cost-of-living adjustment -- Limitation -- General Fund as source of credit -- Maximum credit -- Renter\'s credit may be claimed only for rent that does not constitute a rental assistance payment.

     59-2-1209 (Superseded 01/01/07).   Amount of renter's credit -- Cost-of-living adjustment -- Limitation -- General Fund as source of credit -- Maximum credit -- Renter's credit may be claimed only for rent that does not constitute a rental assistance payment.
     (1) (a) Subject to Subsections (2) and (3), for any calendar year a claimant may claim a renter's credit for the previous calendar year that does not exceed the following amounts:
         If household income is            Percentage of rent                                          allowed as a credit
         $0 -- $7,358                    9.5%
        $7,359 -- $9,812                    8.5%
        $9,813 -- $12,264                    7.0%
        $12,265 -- $14,717                    5.5%
        $14,718 -- $17,171                    4.0%
        $17,172 -- $19,479                    3.0%
        $19,480 -- $21,644                    2.5%
     (b) (i) For calendar years beginning on or after January 1, 1999, the commission shall increase or decrease the household income eligibility amounts 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) A claimant may claim a renter's credit under this part only for rent that does not constitute a rental assistance payment.
     (3) 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 renter's credit under this section may not receive a renter's credit.
     (4) The renter'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.
     (5) For calendar years beginning on or after January 1, 1998, a credit under this section may not exceed the maximum amount allowed as a homeowner's credit for each income bracket under Subsection 59-2-1208(1)(a).

Amended by Chapter 272, 2003 General Session