Section 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 53B-8a-102.(b) "Grantor trust" means the same as that term is defined in Section 53B-8a-102.5.(c) "Higher education costs" means the same as that term is defined in Section 53B-8a-102.5.(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 53B-8a-106(1)(e)(ii); and(B) increased or kept for that taxable year in accordance with Subsections 53B-8a-106(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: (A) listed in Subsection 53B-8a-106(1)(e)(iii); and(B) increased or kept for that taxable year in accordance with Subsections 53B-8a-106(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 53B-8a-102.5.(f) "Qualified investment" means the same as that term is defined in Section 53B-8a-102.5.(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(b) the percentage listed in Subsection 59-10-104(2).(3) 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.Amended by Chapter 370, 2021 General Session ,§ 3, eff. 5/5/2021, retrospective operation for a taxable year beginning on or after January 1, 2021.Amended by Chapter 367, 2021 General Session ,§ 29, eff. 5/5/2021, retrospective operation for a taxable year beginning on or after January 1, 2021.Amended by Chapter 1, 2019SP2 General Session ,§ 27, eff. 4/1/2020, which was repealed by Chapter 1, 2020 General Session ,§ 1, eff. 1/29/2020 .Amended by Chapter 389, 2017 General Session ,§ 12, eff. 3/25/2017, op. for a taxable year beginning on or after 1/1/2017.Amended by Chapter 94, 2015 General Session ,§ 4, eff. 5/12/2015, op. 1/1/2015.Amended by Chapter 6, 2010 General Session