Utah 2023 Regular Session

Utah House Bill HB0480 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	H.B. 480
2	2	LEGISLATIVE GENERAL COUNSEL
3	3	6 Approved for Filing: A.V. Arthur 6
4	4	6 02-15-23 1:21 PM 6
5	5	H.B. 480
6	6	1 CHILD TAX CREDIT AMENDMENTS
7	7	2 2023 GENERAL SESSION
8	8	3 STATE OF UTAH
9	9	4 Chief Sponsor: Joel K. Briscoe
10	10	5 Senate Sponsor: ____________
11	11	6
12	12	7LONG TITLE
13	13	8General Description:
14	14	9 This bill creates a child tax credit.
15	15	10Highlighted Provisions:
16	16	11 This bill:
17	17	12 <creates a refundable child tax credit; and
18	18	13 <provides for apportionment of the child tax credit.
19	19	14Money Appropriated in this Bill:
20	20	15 None
21	21	16Other Special Clauses:
22	22	17 This bill provides retrospective operation.
23	23	18Utah Code Sections Affected:
24	24	19ENACTS:
25	25	20 59-10-1102.1, Utah Code Annotated 1953
26	26	21 59-10-1114, Utah Code Annotated 1953
27	27	22
28	28	23Be it enacted by the Legislature of the state of Utah:
29	29	24 Section 1. Section 59-10-1102.1 is enacted to read:
30	30	25 59-10-1102.1. Apportionment of tax credit.
31	31	26 A nonresident individual or a part-year resident individual who claims a tax credit in
32	32	27accordance with Section 59-10-1114 may claim only an apportioned amount of the tax credit
33	33	HB0480 H.B. 480 02-15-23 1:21 PM
34	34	- 2 -
35	35	28equal to the product of:
36	36	29 (1) the state income tax percentage for the nonresident individual or the state income
37	37	30tax percentage for the part-year resident individual; and
38	38	31 (2) the amount of the tax credit that the nonresident individual or the part-year resident
39	39	32individual would have been allowed to claim but for the apportionment requirement of this
40	40	33section.
41	41	34 Section 2. Section 59-10-1114 is enacted to read:
42	42	35 59-10-1114. Refundable child tax credit.
43	43	36 (1) As used in this section:
44	44	37 (a) "Federal child tax credit" means the federal child tax credit described in Section 24,
45	45	38Internal Revenue Code, including the refundable portion of the child tax credit.2-6(c)
46	46	39 (b) "Joint filing status" means the same as that term is defined in Section 59-10-1018.
47	47	40 (c) "Qualifying child" means an individual:
48	48	41 (i) with respect to whom the qualifying claimant is allowed to claim a tax credit under
49	49	42Section 24, Internal Revenue Code, on the qualifying claimant's federal individual income tax
50	50	43return for the taxable year; and
51	51	44 (ii) who is younger than six years old on the last day of the claimant's taxable year.
52	52	45 (d) "Qualifying claimant" means a claimant who:
53	53	46 (i) qualifies for and claims the federal child tax credit during the previous taxable year;
54	54	47and
55	55	48 (ii) (A) if the claimant has a filing status other than a joint filing status, has adjusted
56	56	49gross income of $75,000 or less; or
57	57	50 (B) if the claimant has a joint filing status, has adjusted gross income of $85,000 or
58	58	51less.
59	59	52 (2) Subject to Section 59-10-1102.1, a qualifying claimant may claim a refundable
60	60	53child tax credit equal to a percentage of the federal child tax credit that the qualifying claimant
61	61	54was entitled to claim on a federal income tax return in the previous taxable year for each
62	62	55qualifying child as follows:
63	63	56 (a) if the federal child tax credit for the previous taxable year is equal to or greater than
64	64	57the federal child tax credit amount in a taxable year beginning on or after January 1, 2021, and
65	65	58beginning before January 1, 2022, for a child younger than six years old: 02-15-23 1:21 PM H.B. 480
66	66	- 3 -
67	67	59 (i) for a qualifying claimant with a filing status other than a joint filing status:
68	68	60 (A) whose adjusted gross income is $25,000 or less, 30%;
69	69	61 (B) whose adjusted gross income is more than $25,000 and no more than $50,000,
70	70	6215%; and
71	71	63 (C) whose adjusted gross income is more than $50,000 and no more than $75,000, 5%;
72	72	64and
73	73	65 (ii) for a qualifying claimant with a joint filing status:
74	74	66 (A) whose adjusted gross income is $35,000 or less, 30%;
75	75	67 (B) whose adjusted gross income is more than $35,000 and no more than $60,000,
76	76	6815%; and
77	77	69 (C) whose adjusted gross income is more than $60,000 and no more than $85,000, 5%;
78	78	70or
79	79	71 (b) if the federal child tax credit for the previous taxable year is less than the federal
80	80	72child tax credit amount in a taxable year beginning on or after January 1, 2021, and beginning
81	81	73before January 1, 2022, for a child younger than six years old:
82	82	74 (i) for a qualifying claimant with a filing status other than a joint filing status:
83	83	75 (A) whose adjusted gross income is $25,000 or less, 60%;
84	84	76 (B) whose adjusted gross income is more than $25,000 and no more than $50,000,
85	85	7730%; and
86	86	78 (C) whose adjusted gross income is more than $50,000 and no more than $75,000,
87	87	7910%; and
88	88	80 (ii) for a qualifying claimant with a joint filing status:
89	89	81 (A) whose adjusted gross income is $35,000 or less, 60%;
90	90	82 (B) whose adjusted gross income is more than $35,000 and no more than $60,000,
91	91	8330%; and
92	92	84 (C) whose adjusted gross income is more than $60,000 and no more than $85,000,
93	93	8510%.
94	94	86 Section 3. Retrospective operation.
95	95	87 This bill has retrospective operation for a taxable year beginning on or after January 1,
96	96	882023.