(1) As used in this section:
(a) "Joint filing status" means the same as that term is defined in Section 59-10-1018.
(b) "Head of household filing status" means the same as that term is defined in Section 59-10-1018.
(c) "Married filing separately status" means a married individual who:
(i) does not file a single federal individual income tax return jointly with that married individual's spouse for the taxable year; and
(ii) files a single federal individual income tax return for the taxable year.
(d) "Modified adjusted gross income" means the sum of the following for a claimant or, if the claimant's federal individual income tax return is allowed a joint filing status, the claimant and the claimant's spouse:
(i) adjusted gross income for the taxable year for which a tax credit is claimed under this section;
(ii) any interest income that is not included in adjusted gross income for the taxable year described in Subsection (1)(d)(i); and
(iii) any addition to adjusted gross income required by Section 59-10-114 for the taxable year described in Subsection (1)(d)(i).
(e) "Qualifying child" means an individual:
(i) with respect to whom the claimant is allowed to claim a tax credit under Section 24, Internal Revenue Code, on the claimant's federal individual income tax return for the taxable year; and
(ii) who is under six years old on the last day of the claimant's taxable year.
(f) "Single filing status" means a single individual who files a single federal individual income tax return for the taxable year.
(2) Subject to Section 59-10-1002.2, a claimant may claim a nonrefundable tax credit of $1,000 for each qualifying child.
(3) A claimant may not carry forward or carry back the amount of the tax credit that exceeds the claimant's tax liability.
(4) The tax credit allowed by Subsection (2) claimed on a return filed under this chapter shall be reduced by $.10 for each dollar by which modified adjusted gross income for purposes of the return exceeds:
(a) for a federal individual income tax return that is allowed a married filing separately status, $30,500;
(b) for a federal individual income tax return that is allowed a single filing status or head of household filing status, $49,000; and
(c) for a federal individual income tax return that is allowed a joint filing status, $61,000.