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Utah Code — Title 59 (Revenue and Taxation)

Utah Code § 59-7-601

Credit of interest income from state and federal securities

Official textle.utah.gov

# (1)

There shall be allowed as a credit against the tax an amount equal to 1% of the gross interest income included in state taxable income from:

# (a)

bonds, notes, or other evidences of indebtedness issued by the state and its agencies and instrumentalities, and bonds, notes, or other evidences of indebtedness of any political subdivision as described in Section 11-14-303; and

# (b)

stocks, notes, or obligations issued by, or guaranteed by the United States Government, or any of its agencies and instrumentalities as defined under federal law.

# (2)

Amounts otherwise qualifying for the credit, but not allowable because the credit exceeds the tax, may be carried back three years or may be carried forward five years as a credit against the tax. Such carryover credits shall be applied against the tax before the application of the credits earned in the current year and on a first-earned first-used basis.

Last amended: Amended by Chapter 105, 2005 General Session

Source: view the official text

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In this chapter (40 sections)
  1. 59-7-509 · Failure to file return -- Penalty
  2. 59-7-510 · Deficiency -- Interest
  3. 59-7-511 · Penalty added to underpayments
  4. 59-7-512 · Addition to tax in case of nonpayment
  5. 59-7-513 · Interest when time for payment extended
  6. 59-7-514 · Extension of time to pay deficiency
  7. 59-7-515 · Interest when deficiency extended
  8. 59-7-519 · Period of limitation for making assessments -- Change,…
  9. 59-7-522 · Overpayments
  10. 59-7-528 · Failure to make return or supply information -- Penalty
  11. 59-7-529 · General violations and penalties
  12. 59-7-530 · Power to waive penalties or interest
  13. 59-7-531 · Venue of offenses -- Evidence
  14. 59-7-532 · Revenue received by commission -- Deposit with state…
  15. 59-7-533 · Interest on overpayments
  16. 59-7-534 · Failure to pay tax -- Suspension or forfeiture of corporate…
  17. 59-7-535 · Doing business after suspension or forfeiture of certain…
  18. 59-7-536 · Relief in case of suspension or forfeiture
  19. 59-7-537 · Confidentiality of information
  20. 59-7-538 · Carry forward of expired or repealed tax credit
  21. 59-7-601 · Credit of interest income from state and federal securities
  22. 59-7-607 · Utah low-income housing tax credit
  23. 59-7-609 · Historic preservation credit
  24. 59-7-610 · Recycling market development zones tax credits
  25. 59-7-612 · Tax credits for research activities conducted in the state…
  26. 59-7-614 · Clean energy systems tax credits -- Definitions --…
  27. 59-7-614.1 · Refundable tax credit for hand tools used in farming…
  28. 59-7-614.2 · Refundable economic development tax credit
  29. 59-7-614.4 · Tax credit for pass-through entity taxpayer
  30. 59-7-614.5 · Refundable motion picture tax credit
  31. 59-7-614.10 · Nonrefundable enterprise zone tax credit
  32. 59-7-618.1 · Tax credit related to alternative fuel heavy duty vehicles
  33. 59-7-619 · Nonrefundable high cost infrastructure development tax credit
  34. 59-7-621 · Nonrefundable rural job creation tax credit
  35. 59-7-623 · Nonrefundable guaranty association assessment tax credit
  36. 59-7-625 · Nonrefundable tax credit for a donation to the Carson Smith…
  37. 59-7-626 · Refundable tax credit for nonrenewable hydrogen production…
  38. 59-7-627 · Nonrefundable tax credits for employer-provided child care
  39. 59-7-701 · Taxation of S corporations
  40. 59-7-705 · Minimum tax not applicable to an S corporation
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