2006 Utah Code - 59-10-1103 — Tax credit for nonresident shareholders of S corporations.

     59-10-1103.   Tax credit for nonresident shareholders of S corporations.
     (1) (a) A nonresident shareholder of an S corporation may claim a refundable tax credit against the tax otherwise due under this chapter if that nonresident shareholder is a:
     (i) nonresident claimant;
     (ii) nonresident estate; or
     (iii) nonresident trust.
     (b) The tax credit described in Subsection (1)(a) is equal to the amount paid or withheld by the S corporation on behalf of the nonresident shareholder described in Subsection (1)(a) in accordance with Section 59-7-703.
     (2) A nonresident shareholder described in Subsection (1)(a) that has no other Utah source income may elect:
     (a) not to claim the tax credit provided in Subsection (1); and
     (b) not to file a tax return under this chapter for the taxable year.
     (3) If a nonresident shareholder described in Subsection (1)(a) may claim a nonrefundable tax credit as defined in Section 59-10-1002 or a refundable tax credit other than the tax credit described in Subsection (1), the nonresident shareholder described in Subsection (1)(a) shall file a tax return under this chapter to claim those nonrefundable tax credits or refundable tax credits.

Renumbered and Amended by Chapter 223, 2006 General Session