Utah § 59-10-1035 - Nonrefundable tax credit for contribution to state Achieving a Better Life Experience Program account.
Full text of Utah Utah Code § 59-10-1035 — Nonrefundable tax credit for contribution to state Achieving a Better Life Experience Program account., with citation guidance and answers to common questions.
§ 59-10-1035. Nonrefundable tax credit for contribution to state Achieving a Better Life Experience Program account.
Effective 5/5/2021 59-10-1035.
Nonrefundable tax credit for contribution to state Achieving a Better Life Experience Program account.
(1)
As used in this section:
(a)
"Account" means an account in a qualified ABLE program where the designated beneficiary of the account is a resident of this state.
(b)
"Contributor" means a claimant, estate, or trust that:
(i)
makes a contribution to an account; and
(ii)
receives a statement from the qualified ABLE program itemizing the contribution.
(c)
"Designated beneficiary" means the same as that term is defined in 26 U.S.C. Sec. 529A.
(d)
"Qualified ABLE program" means the same as that term is defined in Section 35A-12-102.
(2)
A contributor to an account may claim a nonrefundable tax credit as provided in this section.
(3)
Subject to the other provisions of this section, the tax credit is equal to the product of:
(a)
the percentage listed in Subsection 59-10-104(2); and
(b)
the total amount of contributions:
(i)
the contributor makes for the taxable year; and
(ii)
for which the contributor receives a statement from the qualified ABLE program itemizing the contributions.
(4)
A contributor may not claim a tax credit under this section:
(a)
for an amount of excess contribution to an account that is returned to the contributor; or
(b)
with respect to an amount the contributor deducts on a federal income tax return.
(5)
A tax credit under this section may not be carried forward or carried back.
Frequently Asked Questions About Utah § 59-10-1035
What does Utah Code § 59-10-1035 cover?
Section 59-10-1035 ("Nonrefundable tax credit for contribution to state Achieving a Better Life Experience Program account.") 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 § 59-10-1035?
A common citation format is "Utah Code § 59-10-1035" (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 § 59-10-1035 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.
