(1) (a) Subject to Subsections (2) and (4), for a calendar year beginning on or after January 1, 2007, a claimant may claim a homeowner's credit that does not exceed the following amounts: If household income isHomeowner's credit $0 -- $9,159$798 $9,160 -- $12,214$696 $12,215 -- $15,266$597 $15,267 -- $18,319$447 $18,320 -- $21,374$348 $21,375 -- $24,246$199 $24,247 -- $26,941$98 (b) (i) For a calendar year beginning on or after January 1, 2008, the commission shall increase or decrease the household income eligibility amounts and the credits under Subsection (1)(a) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006. (ii) For purposes of Subsection (1)(b)(i), the commission shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.
(a) Subject to Subsections (2) and (4), for a calendar year beginning on or after January 1, 2007, a claimant may claim a homeowner's credit that does not exceed the following amounts: If household income isHomeowner's credit $0 -- $9,159$798 $9,160 -- $12,214$696 $12,215 -- $15,266$597 $15,267 -- $18,319$447 $18,320 -- $21,374$348 $21,375 -- $24,246$199 $24,247 -- $26,941$98
If household income isHomeowner's credit
$0 -- $9,159$798
$9,160 -- $12,214$696
$12,215 -- $15,266$597
$15,267 -- $18,319$447
$18,320 -- $21,374$348
$21,375 -- $24,246$199
$24,247 -- $26,941$98
(b) (i) For a calendar year beginning on or after January 1, 2008, the commission shall increase or decrease the household income eligibility amounts and the credits under Subsection (1)(a) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006. (ii) For purposes of Subsection (1)(b)(i), the commission shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.
(i) For a calendar year beginning on or after January 1, 2008, the commission shall increase or decrease the household income eligibility amounts and the credits under Subsection (1)(a) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006.
(ii) For purposes of Subsection (1)(b)(i), the commission shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.
(2) An individual may not receive the homeowner's credit under this section if: (a) the individual is claimed as a personal exemption on another individual's federal income tax return during any portion of a calendar year for which the individual seeks to claim the homeowner's credit under this section; or (b) the individual is a dependent with respect to whom another individual claims a tax credit under Section 24(h)(4), Internal Revenue Code, during any portion of a calendar year for which the individual seeks to claim the homeowner's credit under this section.
(a) the individual is claimed as a personal exemption on another individual's federal income tax return during any portion of a calendar year for which the individual seeks to claim the homeowner's credit under this section; or
(b) the individual is a dependent with respect to whom another individual claims a tax credit under Section 24(h)(4), Internal Revenue Code, during any portion of a calendar year for which the individual seeks to claim the homeowner's credit under this section.
(3) A payment for a homeowner's credit allowed by this section, and provided for in Section 59-2-1204, shall be paid from the General Fund.
(4) For a calendar year that begins on or after January 1, 2018, after the commission has adjusted the homeowner credit amount under Subsection (1)(b), the commission shall increase each homeowner credit amount under Subsection (1) by the following amounts: (a) for a calendar year that begins on January 1, 2018, $14; (b) for a calendar year that begins on January 1, 2019, $22; (c) for a calendar year that begins on January 1, 2020, $31; (d) for a calendar year that begins on January 1, 2021, $40; and (e) for a calendar year that begins on or after January 1, 2022, $49.
(a) for a calendar year that begins on January 1, 2018, $14;
(b) for a calendar year that begins on January 1, 2019, $22;
(c) for a calendar year that begins on January 1, 2020, $31;
(d) for a calendar year that begins on January 1, 2021, $40; and
(e) for a calendar year that begins on or after January 1, 2022, $49.
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