Utah Code — Title 59 (Revenue and Taxation)
Utah Code § 59-7-623
Nonrefundable guaranty association assessment tax credit
# (1)
As used in this section:
# (a)
"Guaranty association assessment" means the amount of any assessments paid by a qualified insurer under the guaranty association established under Title 31A, Chapter 28, Part 1, Utah Life and Health Insurance Guaranty Association Act, in the manner provided by Section 31A-28-113.
# (b)
"Qualified insurer" means an insurer, as defined in Section 31A-1-301, that is not subject to the premium tax on health care insurance under Section 59-9-101.
# (2)
For a taxable year beginning on or after January 1, 2019, a qualified insurer may claim a nonrefundable tax credit equal to 20% of the assessment for each of the five years following the year the qualified insurer pays a guaranty association assessment, in accordance with Section 31A-28-113.
# (3)
# (a)
A qualified insurer may carry forward the portion of the tax credit that exceeds the qualified insurer's tax liability for the taxable year in accordance with Section 31A-28-113.
# (b)
A qualified insurer may not carry back the portion of the tax credit that exceeds the qualified insurer's tax liability for the taxable year.
Source: view the official text
In this chapter (40 sections)
- 59-7-528 · Failure to make return or supply information -- Penalty
- 59-7-529 · General violations and penalties
- 59-7-530 · Power to waive penalties or interest
- 59-7-531 · Venue of offenses -- Evidence
- 59-7-532 · Revenue received by commission -- Deposit with state…
- 59-7-533 · Interest on overpayments
- 59-7-534 · Failure to pay tax -- Suspension or forfeiture of corporate…
- 59-7-535 · Doing business after suspension or forfeiture of certain…
- 59-7-536 · Relief in case of suspension or forfeiture
- 59-7-537 · Confidentiality of information
- 59-7-538 · Carry forward of expired or repealed tax credit
- 59-7-601 · Credit of interest income from state and federal securities
- 59-7-607 · Utah low-income housing tax credit
- 59-7-609 · Historic preservation credit
- 59-7-610 · Recycling market development zones tax credits
- 59-7-612 · Tax credits for research activities conducted in the state…
- 59-7-614 · Clean energy systems tax credits -- Definitions --…
- 59-7-614.1 · Refundable tax credit for hand tools used in farming…
- 59-7-614.2 · Refundable economic development tax credit
- 59-7-614.4 · Tax credit for pass-through entity taxpayer
- 59-7-614.5 · Refundable motion picture tax credit
- 59-7-614.10 · Nonrefundable enterprise zone tax credit
- 59-7-618.1 · Tax credit related to alternative fuel heavy duty vehicles
- 59-7-619 · Nonrefundable high cost infrastructure development tax credit
- 59-7-621 · Nonrefundable rural job creation tax credit
- 59-7-623 · Nonrefundable guaranty association assessment tax credit
- 59-7-625 · Nonrefundable tax credit for a donation to the Carson Smith…
- 59-7-626 · Refundable tax credit for nonrenewable hydrogen production…
- 59-7-627 · Nonrefundable tax credits for employer-provided child care
- 59-7-701 · Taxation of S corporations
- 59-7-705 · Minimum tax not applicable to an S corporation
- 59-7-706 · Distribution and credit of revenues
- 59-7-707 · Commission rulemaking authority
- 59-7-801 · Definitions
- 59-7-802 · Taxation of unrelated business income
- 59-7-803 · Filing returns -- Extension
- 59-7-804 · Transition rule -- Net loss carryforwards
- 59-7-805 · Apportionment provisions
- 59-7-902 · Definitions
- 59-7-903 · Removal of tax credit from tax return -- Prohibition on…