{"data":{"id":"us-ut/utah-code-59-7-623","jurisdiction":"us-ut","citation":"Utah Code § 59-7-623","heading":"Nonrefundable guaranty association assessment tax credit.","body":"(1) As used in this section:\n(a) \"Guaranty association assessment\" means the amount of any assessments paid by a qualified insurer under the guaranty association established under Title 31A, Chapter 28, Part 1, Utah Life and Health Insurance Guaranty Association Act, in the manner provided by Section 31A-28-113.\n(b) \"Qualified insurer\" means an insurer, as defined in Section 31A-1-301, that is not subject to the premium tax on health care insurance under Section 59-9-101.\n(2) For a taxable year beginning on or after January 1, 2019, a qualified insurer may claim a nonrefundable tax credit equal to 20% of the assessment for each of the five years following the year the qualified insurer pays a guaranty association assessment, in accordance with Section 31A-28-113.\n(3)\n(a) A qualified insurer may carry forward the portion of the tax credit that exceeds the qualified insurer's tax liability for the taxable year in accordance with Section 31A-28-113.\n(b) A qualified insurer may not carry back the portion of the tax credit that exceeds the qualified insurer's tax liability for the taxable year.","path":["Title 59 Revenue and Taxation","Chapter 59-7 Corporate Franchise and Income Taxes","Part 59-7-6 Credits"],"source_url":"https://le.utah.gov/xcode/Title59/Chapter7/59-7-S623.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"1a497b0d23c8832d5b723d20e41e627ec22628a74f02ae31b142d6cc2675d69d","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-59-7-621","next":"us-ut/utah-code-59-7-625"},"notice":"GroundRules: Original legal text. Not legal advice."}