10/14/2025Amended by Chapter 9, 2025 Special Session 12025Utah Educational Savings Plan tax credit.As used in this section:"Account owner" means the same as that term is defined in Section 53H-10-101."Grantor trust" means the same as that term is defined in Section 53H-10-201."Higher education costs" means the same as that term is defined in Section 53H-10-201."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: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:listed in Subsection 53H-10-205(1)(e)(ii); andincreased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g);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:listed in Subsection 53H-10-205(1)(e)(iii); andincreased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); orfor a grantor trust: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); orif 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)."Owner of the grantor trust" means the same as that term is defined in Section 53H-10-201."Qualified investment" means the same as that term is defined in Section 53H-10-201.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:the amount of a qualified investment made:during the taxable year; andinto an account owned by the claimant, estate, or trust; andthe percentage listed in Subsection 59-10-104(2).A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may make a qualified investment described in Subsection (2).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.A tax credit under this section may not exceed the maximum amount of a qualified investment for the taxable year.A claimant, estate, or trust that is an account owner may not carry forward or carry back the tax credit under this section.