59-7-623. Nonrefundable guaranty association assessment tax credit.
(1) As used in this section: "Guaranty association assessment" means the amount of any assessments paid by a qualified insurer under the guaranty association established under, in the manner provided by Section. Title 31A, Chapter 28, Part 1, Utah Life and Health Insurance Guaranty Association Act 31A-28-113 "Qualified insurer" means an insurer, as defined in Section, that is not subject to the premium tax on health care insurance under Section. 31A-1-301 59-9-101
(2) For a taxable year beginning on or after January 1, 2019, a qualified insurer may claim a nonrefundable tax credit equal to 20% of the assessment for each of the five years following the year the qualified insurer pays a guaranty association assessment, in accordance with Section. 31A-28-113
(3) A qualified insurer may carry forward the portion of the tax credit that exceeds the qualified insurer's tax liability for the taxable year in accordance with Section. 31A-28-113 A qualified insurer may not carry back the portion of the tax credit that exceeds the qualified insurer's tax liability for the taxable year.