59-2-1209 - Amount of renter's credit -- Cost-of-living adjustment -- Limitation -- General Fund as source of credit -- Maximum credit -- Renter's credit may be claimed only for rent that does - Utah Statutes

59-2-1209. Amount of renter's credit -- Cost-of-living adjustment -- Limitation --General Fund as source of credit -- Maximum credit -- Renter's credit may be claimed onlyfor rent that does not constitute a rental assistance payment -- Dependent credit.
(1) (a) Subject to Subsections (2), (3), and (6), for calendar years beginning on or afterJanuary 1, 2007, a claimant may claim a renter's credit for the previous calendar year that doesnot exceed the following amounts:
If household income is Percentage of rent
allowed as a credit
$0 -- $9,159 9.5%
$9,160 -- $12,214 8.5%
$12,215 -- $15,266 7.0%
$15,267 -- $18,319 5.5%
$18,320 -- $21,374 4.0%
$21,375 -- $24,246 3.0%
$24,247 -- $26,941 2.5%
(b) (i) For calendar years beginning on or after January 1, 2008, the commission shallincrease or decrease the household income eligibility amounts under Subsection (1)(a) by apercentage equal to the percentage difference between the consumer price index for the precedingcalendar year and the consumer price index for calendar year 2006.
(ii) For purposes of Subsection (1)(b)(i), the commission shall calculate the consumerprice index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.
(2) A claimant may claim a renter's credit under this part only for rent that does notconstitute a rental assistance payment.
(3) An individual who is claimed as a personal exemption on another individual'sindividual income tax return during any portion of a calendar year for which the individual seeksto claim a renter's credit under this section may not receive a renter's credit.
(4) The renter's credit allowed by this section, and provided for in Section 59-2-1204,shall be derived from the General Fund and appropriate transfers made to effectuate this credit.
(5) For calendar years beginning on or after January 1, 2007, a credit under this sectionmay not exceed the maximum amount allowed as a homeowner's credit for each income bracketunder Subsection 59-2-1208(1)(a).
(6) (a) Subject to Subsection (6)(b), for purposes of calculating a claimant's householdincome to determine the amount of the claimant's renter's credit under Subsection (1), for thetaxable year that begins on January 1, 2009 and ends on December 31, 2009, a claimant'shousehold income shall be decreased by $1,000 for a dependent with respect to whom a claimantis eligible to make a deduction as allowed as a personal exemption deduction on the claimant'sfederal individual income tax return for the taxable year for which the household income iscalculated.
(b) For purposes of Subsection (6)(a):
(i) the maximum amount a claimant's household income may be decreased is $1,000; and
(ii) "dependent" does not include the claimant or the claimant's spouse.

Amended by Chapter 302, 2009 General Session