59-10-1042. Nonrefundable tax credit for social security benefits.
(1) As used in this section: "Head of household filing status" means the same as that term is defined in Section. 59-10-1018 "Joint filing status" means the same as that term is defined in Section. 59-10-1018 "Married filing separately status" means a married individual who: does not file a single federal individual income tax return jointly with that married individual's spouse for the taxable year; and files a single federal individual income tax return for the taxable year. "Modified adjusted gross income" means the sum of the following for a claimant or, if the claimant's return under this chapter is allowed a joint filing status, the claimant and the claimant's spouse: adjusted gross income for the taxable year for which a tax credit is claimed under this section; any interest income that is not included in adjusted gross income for the taxable year described in Subsection; and (1)(d)(i) any addition to adjusted gross income required by Sectionfor the taxable year described in Subsection. 59-10-114 (1)(d)(i) "Single filing status" means a single individual who files a single federal individual income tax return for the taxable year. "Social security benefit" means an amount received by a claimant as a monthly benefit in accordance with the Social Security Act, 42 U.S.C. Sec. 401 et seq.
(2) Except as provided in Sectionand Subsectionsand, each claimant on a return that receives a social security benefit may claim a nonrefundable tax credit against taxes otherwise due under this part equal to the product of: 59-10-1002.2 (3) (4) the percentage listed in Subsection; and 59-10-104(2) the claimant's social security benefit that is included in the claimant's state taxable income for the taxable year.
(3) A claimant may not: carry forward or carry back the amount of a tax credit under this section that exceeds the claimant's tax liability for the taxable year; or claim a tax credit under this section for a taxable year if a tax credit under Sectionis claimed on the claimant's return for the same taxable year. 59-10-1019
(4) The tax credit allowed by Subsectionclaimed on a return filed under this part shall be reduced by $.025 for each dollar by which modified adjusted gross income for purposes of the return exceeds: (2) for a return filed under this chapter that is allowed a married filing separately status, $45,000; for a return filed under this chapter that is allowed a single filing status, $54,000; for a return filed under this chapter that is allowed a head of household filing status, $90,000; or for a return filed under this chapter that is allowed a joint filing status, $90,000.
(5) In accordance with, the commission may make rules governing the calculation and method for claiming the tax credit described in this section. Title 63G, Chapter 3, Utah Administrative Rulemaking Act