| (1) |
Terms Used In Utah Code 59-2-1208- claimant: includes a surviving spouse:
| (i) | regardless of:| (A) | the age of the surviving spouse; or |
| (B) | the age of the deceased spouse at the time of death; |
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| (ii) | if the surviving spouse meets the requirements of this part except for the age requirement; |
| (iii) | if the surviving spouse is part of the same household of the deceased spouse at the time of death of the deceased spouse; and |
| (iv) | if the surviving spouse is unmarried at the time the surviving spouse files the claim. See Utah Code 59-2-1202- Consumer price index housing: means the Consumer Price Index - All Urban Consumers, Housing United States Cities Average, published by the Bureau of Labor Statistics of the United States Department of Labor. See Utah Code 59-2-1202
- Dependent: A person dependent for support upon another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fair market value: means the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. See Utah Code 59-2-102
- Homeowner: means :
| (i) | an individual whose name is listed on the deed of a residence; or |
| (ii) | if a residence is owned in a qualifying trust, an individual who is a grantor, trustor, or settlor or holds another similar role in the trust. See Utah Code 59-2-1202- Household: means the association of individuals who live in the same dwelling, sharing the dwelling's furnishings, facilities, accommodations, and expenses. See Utah Code 59-2-1202
- household income: means all income received by all members of a claimant's household in:
| (i) | for a claimant who owns a residence, the calendar year preceding the calendar year in which property taxes are due; or |
| (ii) | for a claimant who rents a residence, the year for which a claim is filed. See Utah Code 59-2-1202- Income: means the sum of:
| (i) | federal adjusted gross income as defined in Section 62, Internal Revenue Code; and |
| (ii) | nontaxable income. See Utah Code 59-2-1202- Residence: includes a dwelling that is:
| (A) | a part of a multidwelling or multipurpose building and a part of the land upon which the multidwelling or multipurpose building is built; and |
| (B) | a mobile home or houseboat. See Utah Code 59-2-1202 |
| (a) |
Subject to Subsections (2) and (4), for a calendar year beginning on or after January 1, 2021, a claimant may claim a homeowner’s credit that does not exceed the following amounts:
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If household income is |
Homeowner’s credit |
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$0 — $11,785 |
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$1,027 |
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$11,786 — $15,716 |
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$896 |
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$15,717 — $19,643 |
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$768 |
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$19,644 — $23,572 |
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$575 |
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$23,573 — $27,503 |
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$448 |
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$27,504 — $31,198 |
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$256 |
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$31,199 — $34,666 |
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$126 |
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| (b) |
For a calendar year beginning on or after January 1, 2022, the commission shall increase or decrease the household income eligibility amounts and the credits under Subsection (1)(a) by a percentage equal to the percentage difference between the consumer price index housing for the preceding calendar year and the consumer price index housing for calendar year 2020. |
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| (2) |
| (a) |
An individual may not receive the homeowner’s credit under this section or the tax relief described in Subsection 59-2-1202(10)(a) on 20% of the fair market value of the residence if:
| (i) |
the individual is claimed as a personal exemption on another individual’s federal income tax return during any portion of a calendar year for which the individual seeks to claim the homeowner’s credit under this section; |
| (ii) |
the individual is a dependent with respect to whom another individual claims a tax credit under Section 24(h)(4), Internal Revenue Code, during any portion of a calendar year for which the individual seeks to claim the homeowner’s credit under this section; or |
| (iii) |
the individual did not own the residence for the entire calendar year for which the individual claims the homeowner’s credit. |
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| (b) |
For a calendar year in which a residence is sold, the amount received as a homeowner’s credit under this section or as tax relief described in Subsection 59-2-1202(10)(a) on 20% of the fair market value of the residence shall be repaid to the county on or before the day on which the sale of the residence closes. |
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| (3) |
A payment for a homeowner’s credit allowed by this section, and provided for in Section 59-2-1204, shall be paid from the General Fund. |
| (4) |
For a calendar year that begins on or after January 1, 2018, after the commission has adjusted the homeowner credit amount under Subsection (1)(b), the commission shall increase each homeowner credit amount under Subsection (1) by the following amounts:
| (a) |
for a calendar year that begins on January 1, 2018, $14; |
| (b) |
for a calendar year that begins on January 1, 2019, $22; |
| (c) |
for a calendar year that begins on January 1, 2020, $31; |
| (d) |
for a calendar year that begins on January 1, 2021, $40; and |
| (e) |
for a calendar year that begins on or after January 1, 2022, $49. |
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Amended by Chapter 391, 2021 General Session
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