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2023 Utah Code
Title 59 - Revenue and Taxation
Chapter 10 - Individual Income Tax Act
Part 10 - Nonrefundable Tax Credit Act
Section 1043 - Nonrefundable tax credit for military retirement.
Universal Citation: UT Code § 59-10-1043 (2023)
Effective 3/23/2022
59-10-1043. Nonrefundable tax credit for military retirement.
Amended by Chapter 258, 2022 General Session
59-10-1043. Nonrefundable tax credit for military retirement.
- (1) As used in this section:
- (a)
- (i) "Military retirement pay" means retirement pay, including survivor benefits, that relates to service in the armed forces or the reserve components, as described in 10 U.S.C. Sec. 10101.
- (ii) "Military retirement pay" does not include:
- (A) Social Security income;
- (B) 401(k) or IRA distributions; or
- (C) income from other sources.
- (b) "Survivor benefits" means the retired pay portion of the benefits described in 10 U.S.C. Secs. 1447 through 1455.
- (a)
- (2) Except as provided in Section 59-10-1002.2, a claimant who receives military retirement pay may claim a nonrefundable tax credit against taxes equal to the product of:
- (a) the percentage listed in Subsection 59-10-104(2); and
- (b) the amount of military retirement pay that is included in adjusted gross income on the claimant's federal income tax return for the taxable year.
- (3) A claimant may not:
- (a) carry forward or carry back the amount of a tax credit that exceeds the claimant's tax liability for the taxable year; or
- (b) claim a tax credit under this section for a taxable year if a tax credit under Section 59-10-1019 is claimed on the claimant's return for the same taxable year.
Amended by Chapter 258, 2022 General Session
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