Section 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).(2)(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.(3)(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 five 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 470, 2023 General Session ,§ 4, eff. 5/3/2023.Added by Chapter 238, 2022 General Session ,§ 4, eff. 3/23/2022, and with retrospective operation for a taxable year beginning on or after January 1, 2022.