§ 59-10-1035 — Nonrefundable tax credit for contribution to state Achieving a Better Life Experience Program account.

Utah § 59-10-1035

• 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" means an account in a qualified ABLE program where the designated beneficiary of the account is a resident of this state.
(1)(b) "Contributor" means a claimant, estate, or trust that:
(1)(b)(i) makes a contribution to an account; and
(1)(b)(ii) receives a statement from the qualified ABLE program itemizing the contribution.
(1)(c) "Designated beneficiary" means the same as that term is defined in 26 U.S.C. Sec. 529A.
(1)(d) "Qualified ABLE program" means the same as that term is defined in Section 35A-12-102.
(2) A contributor to an account may claim a nonrefundable tax credit as provided in this section.
(3) Subject to the other provisions of this section, the tax credit is equal to the product of:

(3)(a) the percentage listed in Subsection 59-10-104(2); and
(3)(b) the total amount of contributions:
(3)(b)(i) the contributor makes for the taxable year; and
(3)(b)(ii) for which the contributor receives a statement from the qualified ABLE program itemizing the contributions.
(4) A contributor may not claim a tax credit under this section:

(4)(a) for an amount of excess contribution to an account that is returned to the contributor; or
(4)(b) with respect to an amount the contributor deducts on a federal income tax return.
(5) A tax credit under this section may not be carried forward or carried back.

Legislative History

Amended by Chapter 367, 2021 General Session