59-10-1045. Nonrefundable tax credit for taxes paid by pass-through entity.
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Effective 1/1/2025
59-10-1045. Nonrefundable tax credit for taxes paid by pass-through entity.
(1)As used in this section, "taxed pass-through entity taxpayer" means a resident or nonresident individual who:
(a)has income attributed to the individual by a pass-through entity;
(b)receives the income described in Subsection (1)(a) after the pass-through entity pays the tax described in Subsection 59-10-1403.2(2) ; and
(c)adds the amount of tax paid on the income described in Subsection (1)(a) to adjusted gross income in accordance with Subsection 59-10-114(1)(i) .
(a)A taxed pass-through entity taxpayer may claim a nonrefundable tax credit for the taxes imposed under Subsection 59-10-1403.2(2) .
(b)The tax credit is equal to the amount of the tax paid under Subsection 59-10-1403.2(2) by the pass-through entity on the income attributed to the taxed pass-through entity taxpayer.
(a)A taxed pass-through entity taxpayer may carry forward the amount of the tax credit that exceeds the taxed pass-through entity taxpayer's tax liability for a period that does not exceed the next ten taxable years.
(b)A taxed pass-through entity taxpayer may not carry back the amount of the tax credit that exceeds the taxed pass-through entity taxpayer's tax liability for the taxable year.
Amended by Chapter 182 , 2025 General Session