59-10-1313 - Contribution to a Utah Educational Savings Plan account.
59-10-1313. Contribution to a Utah Educational Savings Plan account.
(1) (a) If a resident or nonresident individual is owed an individual income tax refund forthe taxable year, the individual may designate on the resident or nonresident individual's incometax return a contribution to a Utah Educational Savings Plan account established under Title 53B,Chapter 8a, Utah Educational Savings Plan, in the amount of the entire individual income taxrefund.
(b) If a resident or nonresident individual is not owed an individual income tax refund forthe taxable year, the individual may not designate on the resident or nonresident's individualincome tax return a contribution to a Utah Educational Savings Plan account.
(2) The commission shall send the contribution to the Utah Educational Savings Planalong with information requested by the Utah Educational Savings Plan, including the taxpayer'sname, Social Security number, and address.
(3) (a) If the taxpayer owns a Utah Educational Savings Plan account, the UtahEducational Savings Plan shall deposit the contribution into the account.
(b) If the taxpayer owns more than one Utah Educational Savings Plan account, the UtahEducational Savings Plan shall allocate the contribution among the accounts in equal amounts.
(c) (i) If the taxpayer does not own a Utah Educational Savings Plan account, the UtahEducational Savings Plan shall send the taxpayer an account agreement.
(ii) If the taxpayer does not sign and return the account agreement by the date specifiedby the Utah Educational Savings Plan, the Utah Educational Savings Plan shall return thecontribution to the taxpayer without any interest or earnings.
(4) For the purpose of determining interest on an overpayment or refund under Section59-1-402, no interest accrues after the commission sends the contribution to the Utah EducationalSavings Plan.
Amended by Chapter 6, 2010 General Session