Title 59  Chapter 10  Part 10  Section 1017

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IndexUtah Code
Title 59Revenue and Taxation
Chapter 10Individual Income Tax Act
Part 10Nonrefundable Tax Credit Act
Section 1017Utah Educational Savings Plan tax credit.
(Effective 10/14/2025)

Effective 10/14/2025
59-10-1017.  Utah Educational Savings Plan tax credit.
(1)As used in this section:
(a)"Account owner" means the same as that term is defined in Section 53H-10-101.
(b)"Grantor trust" means the same as that term is defined in Section 53H-10-201.
(c)"Higher education costs" means the same as that term is defined in Section 53H-10-201.
(d)"Maximum amount of a qualified investment for the taxable year" means, for a taxable year, the product of the percentage listed in Subsection 59-10-104(2) and:
(i)subject to Subsection (1)(d)(iii), for a claimant, estate, or trust that is an account owner, if that claimant, estate, or trust is other than husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(A)listed in Subsection 53H-10-205(1)(e)(ii); and
(B)increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g);
(ii)subject to Subsection (1)(d)(iii), for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment:
(A)listed in Subsection 53H-10-205(1)(e)(iii); and
(B)increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); or
(iii)for a grantor trust:
(A)if the owner of the grantor trust has a single filing status or head of household filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(i); or
(B)if the owner of the grantor trust has a joint filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(ii).
(e)"Owner of the grantor trust" means the same as that term is defined in Section 53H-10-201.
(f)"Qualified investment" means the same as that term is defined in Section 53H-10-201.
(2)Except as provided in Section 59-10-1002.2 and subject to the other provisions of this section, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax credit equal to the product of:
(a)the amount of a qualified investment made:
(i)during the taxable year; and
(ii)into an account owned by the claimant, estate, or trust; and
(b)the percentage listed in Subsection 59-10-104(2).
(3)A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may make a qualified investment described in Subsection (2).
(4)A claimant, estate, or trust that is an account owner may not claim a tax credit under this section with respect to any portion of a qualified investment described in Subsection (2) that a claimant, estate, trust, or person described in Subsection (3) deducts on a federal income tax return.
(5)A tax credit under this section may not exceed the maximum amount of a qualified investment for the taxable year.
(6)A claimant, estate, or trust that is an account owner may not carry forward or carry back the tax credit under this section.


Amended by Chapter 9, 2025 Special Session 1
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