59-10-1032. Nonrefundable tax credit for employment of a person who is homeless.
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Effective 1/1/2015
59-10-1032. Nonrefundable tax credit for employment of a person who is homeless.
(1)As used in this section:
(a)"Eligible employer" means a person who receives a tax credit certificate from the Department of Workforce Services in accordance with Title 35A, Chapter 5, Part 3, Tax Credit for Employment of Persons Who Are Homeless Act .
(b)"Person who is homeless" is as defined in Section 35A-5-302 .
(2)Subject to the other provisions of this section, an eligible employer that is a claimant, estate, or trust may claim a nonrefundable tax credit as provided in this section against a tax under this chapter.
(3)The tax credit under this section is the amount of tax credit listed on a tax credit certificate that the Department of Workforce Services issues to an employer for a taxable year under Title 35A, Chapter 5, Part 3, Tax Credit for Employment of Persons Who Are Homeless Act .
(4)An eligible employer may carry forward a tax credit under this section for a period that does not exceed the next five taxable years if:
(a)the eligible employer is allowed to claim a tax credit under this section; and
(b)the amount of the tax credit exceeds the eligible employer's tax liability under this chapter for that taxable year.
(5)An eligible employer shall retain a tax credit certificate the eligible employer receives from the Department of Workforce Services for the same time period a person is required to keep books and records under Section 59-1-1406 .
Enacted by Chapter 315 , 2014 General Session