59-7-623. Nonrefundable guaranty association assessment tax credit.
| (1) |
As used in this section:
Terms Used In Utah Code 59-7-623
| (a) |
“Guaranty association assessment” means the amount of any assessments paid by a qualified insurer under the guaranty association established under 1, 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. |
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| (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. |
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Enacted by Chapter 391, 2018 General Session
