| (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:
Terms Used In Utah Code 59-7-601- Income: includes losses. See Utah Code 59-7-101
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- United States: includes the 50 states and the District of Columbia. See Utah Code 59-7-101
| (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. |
Amended by Chapter 105, 2005 General Session
