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Utah Code Title 59. Revenue and Taxation § 59-10-1047. Nonrefundable child tax credit

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective Jan. 1, 2025. See, also, section 59-10-1047 effective until Jan. 1, 2025.>

(1) As used in this section:

(a) “Joint filing status” means the same as that term is defined in Section 59-10-1018.

(b) “Head of household filing status” means the same as that term is defined in Section 59-10-1018.

(c) “Married filing separately status” means a married individual who:

(i) does not file a single federal individual income tax return jointly with that married individual's spouse for the taxable year; and

(ii) files a single federal individual income tax return for the taxable year.

(d) “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:

(i) adjusted gross income for the taxable year for which a tax credit is claimed under this section;

(ii) any interest income that is not included in adjusted gross income for the taxable year described in Subsection (1)(d)(i); and

(iii) any addition to adjusted gross income required by Section 59-10-114 for the taxable year described in Subsection (1)(d)(i).

(e) “Qualifying child” means an individual:

(i) 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

(ii) who is at least one year old and younger than five years old on the last day of the claimant's taxable year.

(f) “Single filing status” means a single individual who files a single federal individual income tax return for the taxable year.

(2) Subject to Subsection 59-10-1002.2, a claimant may claim a nonrefundable tax credit of $1,000 for each qualifying child.

(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 Subsection (2) claimed on a return filed under this part shall be reduced by $.10 for each dollar by which modified adjusted gross income for purposes of the return exceeds:

(a) for a federal individual income tax return that is allowed a married filing separately status, $27,000;

(b) for a federal individual income tax return that is allowed a single filing status or head of household filing status, $43,000; and

(c) for a federal individual income tax return that is allowed a joint filing status, $54,000.

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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-10-1047. Nonrefundable child tax credit - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-10-1047/

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