(1) (a) Subject to Subsections (2) and (3), for a calendar year beginning on or after January 1, 2007, a claimant may claim a renter's credit for the previous calendar year that does not exceed the following amounts: If household income isPercentage of rent allowed as a credit $0 -- $9,1599.5% $9,160 -- $12,2148.5% $12,215 -- $15,2667.0% $15,267 -- $18,3195.5% $18,320 -- $21,3744.0% $21,375 -- $24,2463.0% $24,247 -- $26,9412.5% (b) (i) For a calendar year beginning on or after January 1, 2008, the commission shall increase or decrease the household income eligibility amounts 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 (3), for a calendar year beginning on or after January 1, 2007, a claimant may claim a renter's credit for the previous calendar year that does not exceed the following amounts: If household income isPercentage of rent allowed as a credit $0 -- $9,1599.5% $9,160 -- $12,2148.5% $12,215 -- $15,2667.0% $15,267 -- $18,3195.5% $18,320 -- $21,3744.0% $21,375 -- $24,2463.0% $24,247 -- $26,9412.5%
If household income isPercentage of rent allowed as a credit
$0 -- $9,1599.5%
$9,160 -- $12,2148.5%
$12,215 -- $15,2667.0%
$15,267 -- $18,3195.5%
$18,320 -- $21,3744.0%
$21,375 -- $24,2463.0%
$24,247 -- $26,9412.5%
(b) (i) For a calendar year beginning on or after January 1, 2008, the commission shall increase or decrease the household income eligibility amounts 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 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) A claimant may claim a renter's credit under this part only for rent that does not constitute a rental assistance payment.
(3) An individual may not receive the renter's credit under this section if the individual is: (a) 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 renter's credit under this section; or (b) 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 renter's credit under this section.
(a) 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 renter's credit under this section; or
(b) 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 renter's credit under this section.
(4) A payment for a renter's credit allowed by this section, and provided for in Section 59-2-1204, shall be paid from the General Fund.
(5) For calendar years beginning on or after January 1, 2007, a credit under this section may not exceed the maximum amount allowed as a homeowner's credit for each income bracket under Subsection 59-2-1208(1)(a).
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