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(1) As used in this section:
(a) "Qualified taxpayer" means the same as that term is defined in Section 59-7-607.
(b) "Special low-income housing tax credit certificate" means the same as that term is defined in Section 59-7-607.
(2) A person may claim a nonrefundable tax credit against a tax liability under this section if:
(a) the person is a qualified taxpayer who has been issued a special low-income housing tax credit certificate by the Utah Housing Corporation under Section 59-7-607, and the qualified taxpayer does not claim the tax credit under Title 59, Chapter 7, Corporate Franchise and Income Taxes, Title 59, Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act, or under Title 59, Chapter 10, Individual Income Tax Act; or
(b) the person has been assigned a special low-income housing tax credit in accordance with Subsection 59-7-607(11) or Subsection 59-10-1010(11), and the person does not claim the tax credit under Title 59, Chapter 7, Corporate Franchise and Income Taxes, Title 59, Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act, or under Title 59, Chapter 10, Individual Income Tax Act.
(3)
(a) If a tax credit is not claimed by a qualified taxpayer or by a person who has been assigned a special low-income housing tax credit in the year in which the credit is earned because the tax credit is more than the tax liability owed, the tax credit may be carried back three years or may be carried forward five years as a credit against the tax liability.
(b) Carryover tax credits under Subsection (3)(a) shall be applied against tax liability:
(i) before the application of tax credits earned in the current year; and
(ii) on a first-earned, first-used basis.
(4) The commission may, in consultation with the Utah Housing Corporation, make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to implement this section.