59-10-1047. Nonrefundable child tax credit.
(1) As used in this section: "Joint filing status" means the same as that term is defined in Section. 59-10-1018 "Head of household 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 federal individual income tax return 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) "Qualifying child" means an individual: with respect to whom the claimant is allowed to claim a tax credit under Section 24, Internal Revenue Code, on the claimant's federal individual income tax return for the taxable year; and who is under six years old on the last day of the claimant's taxable year. "Single filing status" means a single individual who files a single federal individual income tax return for the taxable year.
(2) Subject to Section, a claimant may claim a nonrefundable tax credit of $1,000 for each qualifying child. 59-10-1002.2
(3) A claimant may not carry forward or carry back the amount of the tax credit that exceeds the claimant's tax liability.
(4) The tax credit allowed by Subsectionclaimed on a return filed under this chapter shall be reduced by $.10 for each dollar by which modified adjusted gross income for purposes of the return exceeds: (2) for a federal individual income tax return that is allowed a married filing separately status, $30,500; for a federal individual income tax return that is allowed a single filing status or head of household filing status, $49,000; and for a federal individual income tax return that is allowed a joint filing status, $61,000.