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.