Definitions -- Nonrefundable retirement tax credit

# (1)

As used in this section:

# (a)

"Eligible claimant" means a claimant, regardless of whether that claimant is retired, who was born on or before December 31, 1952.

# (b)

"Head of household filing status" means the same as that term is defined in Section 59-10-1018.

# (c)

"Joint filing status" means the same as that term is defined in Section 59-10-1018.

# (d)

"Married filing separately status" means a married individual who:

(i) does not file a single federal individual income tax return jointly with that married individual's spouse for the taxable year; and

(ii) files a single federal individual income tax return for the taxable year.

# (e)

"Modified adjusted gross income" means the sum of the following for an eligible claimant or, if the eligible claimant's return under this chapter is allowed a joint filing status, the eligible claimant and the eligible claimant's spouse:

(i) adjusted gross income for the taxable year for which a tax credit is claimed under this section;

(ii) any interest income that is not included in adjusted gross income for the taxable year described in Subsection (1)(e)(i); and

(iii) any addition to adjusted gross income required by Section 59-10-114 for the taxable year described in Subsection (1)(e)(i).

# (f)

"Single filing status" means a single individual who files a single federal individual income tax return for the taxable year.

# (2)

Except as provided in Section 59-10-1002.2 and Subsections (3) and (4), each eligible claimant may claim a nonrefundable tax credit of $450 against taxes otherwise due under this part.

# (3)

An eligible claimant may not:

# (a)

carry forward or carry back the amount of a tax credit under this section that exceeds the eligible claimant's tax liability for the taxable year; or

# (b)

claim a tax credit under this section for a taxable year if a tax credit under Section 59-10-1042 or 59-10-1043 is claimed on the claimant's return for the same taxable year.

# (4)

The tax credit allowed by Subsection (2) claimed on a return filed under this part shall be reduced by $.025 for each dollar by which modified adjusted gross income for purposes of the return exceeds:

# (a)

for a federal individual income tax return that is allowed a married filing separately status, $16,000;

# (b)

for a federal individual income tax return that is allowed a single filing status, $25,000;

# (c)

for a federal individual income tax return that is allowed a head of household filing status, $32,000; or

# (d)

for a return under this chapter that is allowed a joint filing status, $32,000.