59-10-1017. Utah Educational Savings Plan tax credit.
(1) As used in this section: "Account owner" means the same as that term is defined in Section. 53H-10-101 "Grantor trust" means the same as that term is defined in Section. 53H-10-201 "Higher education costs" means the same as that term is defined in Section. 53H-10-201 "Maximum amount of a qualified investment for the taxable year" means, for a taxable year, the product of the percentage listed in Subsectionand: 59-10-104(2) subject to Subsection, 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)(iii) listed in Subsection 53H-10-205(1)(e)(ii); and increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); subject to Subsection, for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment: (1)(d)(iii) listed in Subsection; and 53H-10-205(1)(e)(iii) increased or kept for that taxable year in accordance with Subsectionsand; or 53H-10-205(1)(f) (g) for a grantor trust: if the owner of the grantor trust has a single filing status or head of household filing status as defined in Section, the amount described in Subsection; or 59-10-1018 (1)(d)(i) if the owner of the grantor trust has a joint filing status as defined in Section, the amount described in Subsection. 59-10-1018 (1)(d)(ii) "Owner of the grantor trust" means the same as that term is defined in Section. 53H-10-201 "Qualified investment" means the same as that term is defined in Section. 53H-10-201
(2) Except as provided in Sectionand 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: 59-10-1002.2 the amount of a qualified investment made: during the taxable year; and into an account owned by the claimant, estate, or trust; and 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 Subsectionthat a claimant, estate, trust, or person described in Subsectiondeducts on a federal income tax return. (2) (3)
(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.