§ 59-10-1017 — Utah Educational Savings Plan tax credit.

Utah § 59-10-1017

• Jurisdiction: Utah
• Title 59: Revenue and Taxation
• Ch. 59-10: Individual Income Tax Act
• Part 59-10-10: Nonrefundable Tax Credit Act

Text

(1) As used in this section:
(1)(a) "Account owner" means the same as that term is defined in Section 53H-10-101.
(1)(b) "Grantor trust" means the same as that term is defined in Section 53H-10-201.
(1)(c) "Higher education costs" means the same as that term is defined in Section 53H-10-201.
(1)(d) "Maximum amount of a qualified investment for the taxable year" means, for a taxable year, the product of the percentage listed in Subsection 59-10-104(2) and:
(1)(d)(i) subject to Subsection (1)(d)(iii), 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:
(1)(d)(i)(A) listed in Subsection 53H-10-205(1)(e)(ii); and
(1)(d)(i)(B) increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g);
(1)(d)(ii) subject to Subsection (1)(d)(iii), for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(1)(d)(ii)(A) listed in Subsection 53H-10-205(1)(e)(iii); and
(1)(d)(ii)(B) increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); or
(1)(d)(iii) for a grantor trust:
(1)(d)(iii)(A) if the owner of the grantor trust has a single filing status or head of household filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(i); or
(1)(d)(iii)(B) if the owner of the grantor trust has a joint filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(ii).
(1)(e) "Owner of the grantor trust" means the same as that term is defined in Section 53H-10-201.
(1)(f) "Qualified investment" means the same as that term is defined in Section 53H-10-201.
(2) Except as provided in Section 59-10-1002.2 and subject to the other provisions of this section, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax credit equal to the product of:
(2)(a) the amount of a qualified investment made:
(2)(a)(i) during the taxable year; and
(2)(a)(ii) into an account owned by the claimant, estate, or trust; and
(2)(b) the percentage listed in Subsection 59-10-104(2).
(3) A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may make a qualified investment described in Subsection (2).
(4) A claimant, estate, or trust that is an account owner may not claim a tax credit under this section with respect to any portion of a qualified investment described in Subsection (2) that a claimant, estate, trust, or person described in Subsection (3) deducts on a federal income tax return.
(5) A tax credit under this section may not exceed the maximum amount of a qualified investment for the taxable year.
(6) A claimant, estate, or trust that is an account owner may not carry forward or carry back the tax credit under this section.

Legislative History

Amended by Chapter 9, 2025 Special Session 1