(1) (a) An incarcerated person against whom a judgment of imprisonment is rendered must be allowed credit for each day of incarceration prior to imposition of a sentence that is directly related to the proceedings that caused the incarceration, except that the time allowed as a credit may not exceed the term of the prison sentence rendered.
(b) For the purposes of subsection (1)(a):
(i) credit must be given only when the custody to be credited is attributable to proceedings related to the same conduct for which the defendant has been convicted;
(ii) an offender is not entitled to credit against multiple sentences for a single period of custody unless the sentences are imposed concurrently;
(iii) an offender is not entitled to credit in a new criminal matter if the offender is currently serving a custodial sentence on a prior offense;
(iv) incarceration directly related to a probation or parole hold only reduces the sentence that the person was serving while on probation or parole; and
(v) incarceration includes time spent in a correctional institution as defined in 45-2-101 and a secure residential treatment facility if residence is required by court order.
(2) An incarcerated person who does not supply bail and against whom a fine is levied may be allowed a credit for each day of incarceration prior to imposition of sentence, except that the amount allowed or credited may not exceed the amount of the fine. The daily rate of credit for incarceration must be established annually by the board of county commissioners by resolution. The daily rate must be equal to the actual cost incurred by the detention facility for which the rate is established.