Utah § 59-10-1041 Nonrefundable tax credit for a donation to the Carson Smith Opportunity Scholarship Program.

Utah Statutes

§ 59-10-1041 — Nonrefundable tax credit for a donation to the Carson Smith Opportunity Scholarship Program.

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

(1)Except as provided in Subsection (3), a claimant, estate, or trust that makes a donation to the Carson Smith Opportunity Scholarship Program established in Section 53E-7-402 may claim a nonrefundable tax credit equal to 100% of the amount stated on a tax credit certificate issued in accordance with Section 53E-7-407.

(2)If the amount of a tax credit listed on the tax credit certificate exceeds a claimant's, estate's, or trust's tax liability under this chapter for a taxable year, the claimant, estate, or trust:

(2)(a) may carry forward the amount of the tax credit exceeding the liability for a period that does not exceed the next three taxable years; and

(2)(b) may carry back the amount of the tax credit that exceeds the claimant's, estate's, or trust's tax liability to the previous t

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(1) Except as provided in Subsection (3), a claimant, estate, or trust that makes a donation to the Carson Smith Opportunity Scholarship Program established in Section 53E-7-402 may claim a nonrefundable tax credit equal to 100% of the amount stated on a tax credit certificate issued in accordance with Section 53E-7-407.
(2) If the amount of a tax credit listed on the tax credit certificate exceeds a claimant's, estate's, or trust's tax liability under this chapter for a taxable year, the claimant, estate, or trust:
(2)(a) may carry forward the amount of the tax credit exceeding the liability for a period that does not exceed the next three taxable years; and
(2)(b) may carry back the amount of the tax credit that exceeds the claimant's, estate's, or trust's tax liability to the previous taxable year.
(3) A claimant, estate, or trust may not claim a credit described in Subsection (1) to the extent the claimant, estate, or trust claims a donation described in Subsection (1) as an itemized deduction on the claimant's, estate's, or trust's federal individual income tax return for that taxable year.

Utah § 59-10-1041 (Nonrefundable tax credit for a donation to the Carson Smith Opportunity Scholarship Program.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.