(1) As used in this section:

1. (a) "Eligible claimant" means a claimant, regardless of whether that claimant is retired, who was born on or before December 31, 1952.
2. (b) "Head of household filing status" means the same as that term is defined in Section 59-10-1018.
3. (c) "Joint filing status" means the same as that term is defined in Section 59-10-1018.

4. (d) "Married filing separately status" means a married individual who:

   1. (i) does not file a single federal individual income tax return jointly with that married individual's spouse for the taxable year; and
   2. (ii) files a single federal individual income tax return for the taxable year.

5. (e) "Modified adjusted gross income" means the sum of the following for an eligible claimant or, if the eligible claimant's return under this chapter is allowed a joint filing status, the eligible claimant and the eligible claimant's spouse:

   1. (i) adjusted gross income for the taxable year for which a tax credit is claimed under this section;
   2. (ii) any interest income that is not included in adjusted gross income for the taxable year described in Subsection (1)(e)(i); and
   3. (iii) any addition to adjusted gross income required by Section 59-10-114 for the taxable year described in Subsection (1)(e)(i).
6. (f) "Single filing status" means a single individual who files a single federal individual income tax return for the taxable year.

(3)

1. (a) An eligible claimant may not:

   1. (i) carry forward or carry back the amount of a tax credit under this section that exceeds the eligible claimant's tax liability for the taxable year; or
   2. (ii) claim a tax credit under this section and a tax credit under Section 59-10-1042 or 59-10-1043.
2. (b) An eligible claimant who qualifies for a tax credit under this section and a tax credit under Section 59-10-1042 or 59-10-1043 may elect whether to claim a tax credit under this section or a tax credit under Section 59-10-1042 or 59-10-1043.

(4) The tax credit allowed by Subsection (2) claimed on a return filed under this part shall be reduced by $.025 for each dollar by which modified adjusted gross income for purposes of the return exceeds:

1. (a) for a federal individual income tax return that is allowed a married filing separately status, $16,000;
2. (b) for a federal individual income tax return that is allowed a single filing status, $25,000;
3. (c) for a federal individual income tax return that is allowed a head of household filing status, $32,000; or
4. (d) for a return under this chapter that is allowed a joint filing status, $32,000.