Utah § 59-10-1045 Nonrefundable tax credit for taxes paid by pass-through entity.

Utah Statutes

§ 59-10-1045 — Nonrefundable tax credit for taxes paid by pass-through entity.

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

(1)As used in this section, "taxed pass-through entity taxpayer" means a resident or nonresident individual who:

(1)(a) has income attributed to the individual by a pass-through entity;

(1)(b) receives the income described in Subsection (1)(a) after the pass-through entity pays the tax described in Subsection 59-10-1403.2(2); and

(1)(c) adds the amount of tax paid on the income described in Subsection (1)(a) to adjusted gross income in accordance with Subsection 59-10-114(1)(i).

(2)(2)(a) A taxed pass-through entity taxpayer may claim a nonrefundable tax credit for the taxes imposed under Subsection 59-10-1403.2(2).

(2)(b) The tax credit is equal to the amount of the tax paid under Subsection 59-10-1403.2(2) by the pass-through entity on the income attributed to the taxed pass-through en

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(1) As used in this section, "taxed pass-through entity taxpayer" means a resident or nonresident individual who:
(1)(a) has income attributed to the individual by a pass-through entity;
(1)(b) receives the income described in Subsection (1)(a) after the pass-through entity pays the tax described in Subsection 59-10-1403.2(2); and
(1)(c) adds the amount of tax paid on the income described in Subsection (1)(a) to adjusted gross income in accordance with Subsection 59-10-114(1)(i).
(2) (2)(a) A taxed pass-through entity taxpayer may claim a nonrefundable tax credit for the taxes imposed under Subsection 59-10-1403.2(2).
(2)(b) The tax credit is equal to the amount of the tax paid under Subsection 59-10-1403.2(2) by the pass-through entity on the income attributed to the taxed pass-through entity taxpayer.
(3) (3)(a) A taxed pass-through entity taxpayer may carry forward the amount of the tax credit that exceeds the taxed pass-through entity taxpayer's tax liability for a period that does not exceed the next ten taxable years.
(3)(b) A taxed pass-through entity taxpayer may not carry back the amount of the tax credit that exceeds the taxed pass-through entity taxpayer's tax liability for the taxable year.

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