Utah § 59-10-1028 - Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender.

Full text of Utah Utah Code § 59-10-1028 — Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender., with citation guidance and answers to common questions.

§ 59-10-1028. Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender.

Effective 5/6/2026
59-10-1028.  Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender.
(1)As used in this section:
(a)"Capital gain transaction" means a transaction that results in a:
(i)short-term capital gain; or
(ii)long-term capital gain.
(b)"Long-term capital gain" means the same as that term is defined in Section 1222, Internal Revenue Code.
(c)"Long-term capital loss" means the same as that term is defined in Section 1222, Internal Revenue Code.
(d)"Net capital gain" means the amount by which the sum of long-term capital gains and short-term capital gains on a claimant's, estate's, or trust's transactions from exchanges made for a taxable year of one form of legal tender for another form of legal tender exceeds the sum of long-term capital losses and short-term capital losses on those transactions for that taxable year.
(e)"Short-term capital gain" means the same as that term is defined in Section 1222, Internal Revenue Code.
(f)"Short-term capital loss" means the same as that term is defined in Section 1222, Internal Revenue Code.
(2)Except as provided in Section 59-10-1002.2, for taxable years beginning on or after January 1, 2012, a claimant, estate, or trust may claim a nonrefundable tax credit equal to the product of:
(a)to the extent a net capital gain is included in taxable income, the amount of the claimant's, estate's, or trust's net capital gain on capital gain transactions from exchanges made on or after January 1, 2012, for a taxable year, of one form of legal tender for another form of legal tender; and
(b)the percentage listed in Subsection 59-10-104(2).
(3)A claimant, estate, or trust may not carry forward or carry back a tax credit under this section.
(4)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules to implement this section.


Amended by Chapter 324, 2026 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 59-10-1028

What does Utah Code § 59-10-1028 cover?

Section 59-10-1028 ("Nonrefundable tax credit for capital gain transactions on the exchange of one form of legal tender for another form of legal tender.") 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.

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Is this the official text of Utah law?

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How does Utah § 59-10-1028 apply to my situation?

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