Nonrefundable child tax credit

# (1)

As used in this section:

# (a)

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

# (b)

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

# (c)

"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.

# (d)

"Modified adjusted gross income" means the sum of the following for a claimant or, if the claimant's federal individual income tax return is allowed a joint filing status, the claimant and the 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)(d)(i); and

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

# (e)

"Qualifying child" means an individual:

(i) with respect to whom the claimant is allowed to claim a tax credit under Section 24, Internal Revenue Code, on the claimant's federal individual income tax return for the taxable year; and

(ii) who is under six years old on the last day of the claimant's taxable year.

# (f)

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

# (2)

Subject to Section 59-10-1002.2, a claimant may claim a nonrefundable tax credit of $1,000 for each qualifying child.

# (3)

A claimant may not carry forward or carry back the amount of the tax credit that exceeds the claimant's tax liability.

# (4)

The tax credit allowed by Subsection (2) claimed on a return filed under this chapter shall be reduced by $.10 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, $30,500;

# (b)

for a federal individual income tax return that is allowed a single filing status or head of household filing status, $49,000; and

# (c)

for a federal individual income tax return that is allowed a joint filing status, $61,000.