59-9-108. Utah low-income housing tax credit.
(1) As used in this section, "qualified taxpayer" means: for a person claiming a tax credit under Section, the same as that term is defined in Section; or 59-7-607 59-7-607 for a person claiming a tax credit under Section, the same as that term is defined in Section. 59-10-1010 59-10-1010
(2) A person may claim a nonrefundable tax credit against a tax liability under this section if: the person is a qualified taxpayer who has been issued an allocation certificate by the Utah Housing Corporation under Sectionor, and the qualified taxpayer does not claim the tax credit under,, or; or 59-7-607 59-10-1010 Chapter 7, Corporate Franchise and Income Taxes Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act Chapter 10, Individual Income Tax Act the person has been allocated a low-income housing tax credit in accordance with Sectionor, and the person does not claim the tax credit under,, or. 59-7-607 59-10-1010 Chapter 7, Corporate Franchise and Income Taxes Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act Chapter 10, Individual Income Tax Act
(3) If a tax credit is not claimed by a qualified taxpayer or by a person who has been allocated a low-income housing tax credit in the year in which the credit is earned because the tax credit is more than the tax liability owed, the tax credit may be carried back three years or may be carried forward five years as a credit against the tax liability. Carryover tax credits under Subsectionshall be applied against tax liability: (3)(a) before the application of tax credits earned in the current year; and on a first-earned, first-used basis.
(4) The commission may, in consultation with the Utah Housing Corporation, make rules in accordance with, to implement this section. Title 63G, Chapter 3, Utah Administrative Rulemaking Act