§ 59-2-1209. Amount of renter's credit -- adjustment -- Limitation -- General Fund as source of credit -- Maximum credit -- Renter's credit may be claimed only for rent that does not constitute a rental assistance payment -- Dependent credit.

(1)

(a) Subject to Subsections (2), (3), and (6), for calendar years 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 is		Percentage of rent allowed as a credit
	$0 -- $9,159		9.5%
	$9,160 -- $12,214		8.5%
	$12,215 -- $15,266		7.0%
	$15,267 -- $18,319		5.5%
	$18,320 -- $21,374		4.0%
	$21,375 -- $24,246		3.0%
	$24,247 -- $26,941		2.5%

(b)

(i) For calendar years 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 who is claimed as a personal exemption on another individual's individual income tax return during any portion of a calendar year for which the individual seeks to claim a renter's credit under this section may not receive a renter's credit.

(4) The renter's credit allowed by this section, and provided for in Section 59-2-1204, shall be derived from the General Fund and appropriate transfers made to effectuate this credit.

(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).

(6)

(a) Subject to Subsection (6)(b), for purposes of calculating a claimant's household income to determine the amount of the claimant's renter's credit under Subsection (1), for the taxable year that begins on January 1, 2009 and ends on December 31, 2009, a claimant's household income shall be decreased by $1,000 for a dependent with respect to whom a claimant is eligible to make a deduction as allowed as a personal exemption deduction on the claimant's federal individual income tax return for the taxable year for which the household income is calculated.

(b) For purposes of Subsection (6)(a):

(i) the maximum amount a claimant's household income may be decreased is $1,000; and

(ii) "dependent" does not include the claimant or the claimant's spouse.

Amended by Chapter 302, 2009 General Session