59-10-1002. Definitions.
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Effective 5/12/2020
59-10-1002. Definitions.
As used in this part:
(a)Except as provided in Subsection (1)(b) or Subsection 59-10-1003(2) , "claimant" means a resident or nonresident person that has state taxable income.
(b)"Claimant" does not include an estate or trust.
(2)Except as provided in Subsection 59-10-1003(2) , "estate" means a nonresident estate or a resident estate that has state taxable income.
(3)"Nonrefundable tax credit" or "tax credit" means a tax credit that a claimant, estate, or trust may:
(a)claim:
(i)as provided by statute; and
(ii)in an amount that does not exceed the claimant's, estate's, or trust's tax liability under this chapter for a taxable year; and
(b)carry forward or carry back:
(i)if allowed by statute; and
(ii)unless otherwise provided in statute, to the extent that the amount of the tax credit exceeds the claimant's, estate's, or trust's tax liability under this chapter for a taxable year.
(4)Except as provided in Subsection 59-10-1003(2) , "trust" means a nonresident trust or a resident trust that has state taxable income.
Amended by Chapter 82 , 2020 General Session