Section 59-2-1209 - Amount of renter's credit - Cost-of-living adjustment - Renter's credit may be claimed only for gross rent that does not constitute a rental assistance payment - Calculation of credit when rent includes utilities - Limitation - General Fund as source of credit - Maximum credit(1)(a) Subject to Subsections (2) and (3), for a calendar year beginning on or after January 1, 2021, a claimant may claim a renter's credit for the previous calendar year that does not exceed the following amounts: If household income is | Percentage of gross rent allowed as a credit |
$0 -- $11,785 | 9.5% |
$11,786 -- $15,716 | 8.5% |
$15,717 -- $19,643 | 7.0% |
$19,644 -- $23,572 | 5.5% |
$23,573 -- $27,503 | 4.0% |
$27,504 -- $31,198 | 3.0% |
$31,199 -- $34,666 | 2.5% |
(b) For a calendar year beginning on or after January 1, 2022, the commission shall increase or decrease the household income eligibility amounts under Subsection (1)(a) by a percentage equal to the percentage difference between the Consumer Price Index housing for the preceding calendar year and the Consumer Price Index housing for calendar year 2020.(2) A claimant may claim a renter's credit under this part only for gross rent that does not constitute a rental assistance payment.(3) For purposes of calculating gross rent when a claimant's rent includes electricity or natural gas and the utility amount is not itemized in the statement provided in accordance with Section 59-2-1213, the commission shall deduct from rent: (a) 7% of rent if the rent includes electricity or natural gas but not both; or(b) 13% of rent if the rent includes both electricity and natural gas.(4) An individual may not receive the renter's credit under this section if the individual is: (a) claimed as a personal exemption on another individual's federal income tax return during any portion of a calendar year for which the individual seeks to claim the renter's credit under this section; or(b) a dependent with respect to whom another individual claims a tax credit under Section 24(h)(4), Internal Revenue Code, during any portion of a calendar year for which the individual seeks to claim the renter's credit under this section.(5) A payment for a renter's credit allowed by this section, and provided for in Section 59-2-1204, shall be paid from the General Fund.(6) A credit under this section may not exceed the maximum amount allowed as a homeowner's credit for each income bracket under Section 59-2-1208.Amended by Chapter 272, 2024 General Session ,§ 1, eff. 5/1/2024, retrospectively operative for a taxable year beginning on or after January 1, 2024.Amended by Chapter 196, 2022 General Session ,§ 1, eff. 5/4/2022.Amended by Chapter 391, 2021 General Session ,§ 5, eff. 5/5/2021, retrospective operation to January 1, 2021.Amended by Chapter 405, 2018 General Session ,§ 2, eff. 5/8/2018, op. 1/1/2018.Amended by Chapter 456, 2018 General Session ,§ 29, eff. 5/8/2018, op. 1/1/2018.Amended by Chapter 375, 2016 General Session ,§ 2, eff. 7/1/2016.Amended by Chapter 302, 2009 General Session