(1) As used in this section: (a) "Account owner" means the same as that term is defined in Section 53H-10-101. (b) "Grantor trust" means the same as that term is defined in Section 53H-10-201. (c) "Higher education costs" means the same as that term is defined in Section 53H-10-201. (d) "Maximum amount of a qualified investment for the taxable year" means, for a taxable year, the product of the percentage listed in Subsection 59-10-104(2) and: (i) subject to Subsection (1)(d)(iii), for a claimant, estate, or trust that is an account owner, if that claimant, estate, or trust is other than husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment: (A) listed in Subsection 53H-10-205(1)(e)(ii); and (B) increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); (ii) subject to Subsection (1)(d)(iii), for claimants who are husband and wife account owners who file a single return jointly, the maximum amount of a qualified investment: (A) listed in Subsection 53H-10-205(1)(e)(iii); and (B) increased or kept for that taxable year in accordance with Subsections 53H-10-205(1)(f) and (g); or (iii) for a grantor trust: (A) if the owner of the grantor trust has a single filing status or head of household filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(i); or (B) if the owner of the grantor trust has a joint filing status as defined in Section 59-10-1018, the amount described in Subsection (1)(d)(ii). (e) "Owner of the grantor trust" means the same as that term is defined in Section 53H-10-201. (f) "Qualified investment" means the same as that term is defined in Section 53H-10-201. (2) Except as provided in Section 59-10-1002.2 and subject to the other provisions of this section, a claimant, estate, or trust that is an account owner may claim a nonrefundable tax credit equal to the product of: (a) the amount of a qualified investment made: (i) during the taxable year; and (ii) into an account owned by the claimant, estate, or trust; and (b) the percentage listed in Subsection 59-10-104(2). (3) A claimant, estate, or trust, or a person other than the claimant, estate, or trust, may make a qualified investment described in Subsection (2). (4) A claimant, estate, or trust that is an account owner may not claim a tax credit under this section with respect to any portion of a qualified investment described in Subsection (2) that a claimant, estate, trust, or person described in Subsection (3) deducts on a federal income tax return. (5) A tax credit under this section may not exceed the maximum amount of a qualified investment for the taxable year. (6) A claimant, estate, or trust that is an account owner may not carry forward or carry back the tax credit under this section.
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