59-7-601 - Credit of interest income from state and federal securities. - Utah Statutes

59-7-601. Credit of interest income from state and federal securities.
(1) There shall be allowed as a credit against the tax an amount equal to 1% of the grossinterest income included in state taxable income from:
(a) bonds, notes, or other evidences of indebtedness issued by the state and its agenciesand instrumentalities, and bonds, notes, or other evidences of indebtedness of any politicalsubdivision as described in Section 11-14-303; and
(b) stocks, notes, or obligations issued by, or guaranteed by the United StatesGovernment, or any of its agencies and instrumentalities as defined under federal law.
(2) Amounts otherwise qualifying for the credit, but not allowable because the creditexceeds the tax, may be carried back three years or may be carried forward five years as a creditagainst the tax. Such carryover credits shall be applied against the tax before the application ofthe credits earned in the current year and on a first-earned first-used basis.

Amended by Chapter 105, 2005 General Session