Utah Title 59 — Revenue And Taxation :: 59-10-1017 — Utah Educational Savings Plan Tax Credit.

59-10-1017. Utah Educational Savings Plan tax credit.
(1) As used in this section:
(a) "Account owner" is as defined in Section 53B-8a-102.
(b) "Higher education costs" is as defined in Section 53B-8a-102.
(c) "Maximum amount of a qualified investment for the taxable year" means, for a taxable year:
(i) for a claimant, estate, or trust that is an account owner, if that claimant, estate, or trust is other than husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(A) listed in Subsection 53B-8a-106(1)(e)(ii); and
(B) increased or kept for that taxable year in accordance with Subsections 53B-8a-106(1)(f) and (g); or
(ii) for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(A) listed in Subsection 53B-8a-106(1)(e)(iii); and
(B) increased or kept for that taxable year in accordance with Subsections 53B-8a-106(1)(f) and (g).
(d) "Qualified investment" is as defined in Section 53B-8a-102.
(2) Except as provided in Section 59-10-1002.2, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax credit equal to the product of:
(a) the lesser of:
(i) the amount of a qualified investment the claimant, estate, or trust:
(A) makes during the taxable year; and
(B) does not deduct:
(I) for a claimant, on the claimant's federal individual income tax return; or
(II) for an estate or trust, on the estate's or trust's federal income tax return for estates and trusts; or
(ii) the maximum amount of a qualified investment for the taxable year if the amount described in Subsection (2)(a)(i) is greater than the maximum amount of a qualified investment for the taxable year; and
(b) 5%.
(3) A tax credit under this section may not be carried forward or carried back.

Amended by Chapter 6, 2010 General Session