Utah § 59-10-1017 - Utah Educational Savings Plan tax credit.
Full text of Utah Utah Code § 59-10-1017 — Utah Educational Savings Plan tax credit., with citation guidance and answers to common questions.
§ 59-10-1017. Utah Educational Savings Plan tax credit.
Effective 10/14/2025 59-10-1017.
Utah Educational Savings Plan tax credit.
(1)
As used in this section:
(a)
"Account owner" means the same as that term is defined in Section 53H-10-101.
(b)
"Grantor trust" means the same as that term is defined in Section 53H-10-201.
(c)
"Higher education costs" means the same as that term is defined in Section 53H-10-201.
(d)
"Maximum amount of a qualified investment for the taxable year" means, for a taxable year, the product of the percentage listed in Subsection 59-10-104(2) and:
(i)
subject to Subsection (1)(d)(iii), for a claimant, estate, or trust that is an account owner, if that claimant, estate, or trust is other than husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(A)
listed in Subsection 53H-10-205(1)(e)(ii); and
(B)
increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g);
(ii)
subject to Subsection (1)(d)(iii), for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); or
(iii)
for a grantor trust:
(A)
if the owner of the grantor trust has a single filing status or head of household filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(i); or
(B)
if the owner of the grantor trust has a joint filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(ii).
(e)
"Owner of the grantor trust" means the same as that term is defined in Section 53H-10-201.
(f)
"Qualified investment" means the same as that term is defined in Section 53H-10-201.
(2)
Except as provided in Section 59-10-1002.2 and subject to the other provisions of this section, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax credit equal to the product of:
(a)
the amount of a qualified investment made:
(i)
during the taxable year; and
(ii)
into an account owned by the claimant, estate, or trust; and
A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may make a qualified investment described in Subsection (2).
(4)
A claimant, estate, or trust that is an account owner may not claim a tax credit under this section with respect to any portion of a qualified investment described in Subsection (2) that a claimant, estate, trust, or person described in Subsection (3) deducts on a federal income tax return.
(5)
A tax credit under this section may not exceed the maximum amount of a qualified investment for the taxable year.
(6)
A claimant, estate, or trust that is an account owner may not carry forward or carry back the tax credit under this section.
Frequently Asked Questions About Utah § 59-10-1017
What does Utah Code § 59-10-1017 cover?
Section 59-10-1017 ("Utah Educational Savings Plan tax credit.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 59-10-1017?
A common citation format is "Utah Code § 59-10-1017" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 59-10-1017 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
