Instructions For Form Tc-20s - Utah S Corporation Tax Return - 2012 Page 17
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28Line 17 – Other Deductions
(02) Qualifi ed Sheltered Workshop Cash
Enter in the fi rst column the federal other deductions
Contribution Credit
from line 12d of the federal Schedule K. Enter in the Utah
(UC §59-10-1004)
column the total reported on all Utah Schedules K-1.
Cash contributions made in the taxable year to a quali-
fi ed Utah nonprofi t rehabilitation sheltered workshop
Describe the type of deduction in the space provided.
facility for persons with disabilities are eligible for the
credit. Check with the workshop to make sure they
Line 18 – Utah Nonrefundable Credits
have a current Day Training Provider License or Day
In the Utah column, enter the Utah nonrefundable credits
Support Provider Certifi cate issued by the Department
being distributed to the shareholders. Describe the nonre-
of Human Services. The credit is the lesser of $200 or
fundable credit in the space provided, and enter the Utah
50 percent of the total cash contributions.
code for the credit (see Nonrefundable Credits, below).
If a credit was received from an upper-tier pass-through
There is no form for this credit. Keep all related docu-
entity, also complete and attach TC-250.
ments with your records. The shareholder must list the
qualifi ed workshop name on their return to claim the
Line 19 – Utah Refundable Credits
credit. Enter this name on Schedules K and K-1.
In the Utah column, enter the Utah refundable credits
For more information, contact:
being distributed to the shareholders. Describe the
refundable credit in the space provided, and enter the
Div. of Services for People with Disabilities
Utah code for the credit (see Refundable Credits, below).
195 N 1950 W
If a credit was received from an upper-tier pass-through
Salt Lake City, UT 84116
entity, also complete and attach TC-250.
801-538-4200
dspd.utah.gov
Line 20 – Total Utah Tax Withheld on Behalf of All
Shareholders
(04) Capital Gain Transactions Credit
In the Utah column, enter the total amount of Utah with-
(UC §59-10-1022)
holding tax withheld on behalf of all the shareholders who
You may claim a credit for the short-term and long-term
are pass-through entity taxpayers by the S corporation, and
capital gain on a transaction if:
for whom the waiver from withholding was not requested.
a. The transaction occurs on or after Jan. 1, 2008;
This amount must match the total pass-through with-
holding tax on Schedule N, column I for all pass-through
b. At least 70 percent of the gross proceeds of the
entity taxpayers who have Utah withholding tax withheld.
transaction are used to buy stock in a qualifi ed Utah
small business corporation within 12 months from when
Nonrefundable Credits
the capital gain transaction occurred; and
Passed-through on
c. You did not have an ownership interest in the
qualifi ed Utah small business corporation at the time
Schedule K
of investment.
Nonrefundable credits on an S corporation return
See incometax.utah.gov/credits/capital-gains for
are entered on Schedule K and then allocated and
more information.
passed-through to the shareholders on Schedule K-1.
Nonrefundable credits may not be used against any
There is no form for this credit. Keep all related docu-
tax owed by the S corporation.
ments with your records.
Calculation of Capital Gain Transactions Tax Credit
02 Qualifi ed Sheltered Workshop Cash Contribution
1. Eligible short-term or long-term
Credit
capital gain
$________
04 Capital Gain Transactions Credit
2. Multiply line 1 by 5% (.05).
This is the credit.
$________
05 Clean Fuel Vehicle Credit (TC-40V)
(05) Clean Fuel Vehicle Credit
06 Historic Preservation Tax Credit
(UC §59-10-1009)
07 Enterprise Zone Tax Credit
This credit is available if:
08 Low-Income Housing Tax Credit
1. you buy a new vehicle that meets air quality and
fuel economy standards;
10 Recycling Market Development Zone Credit
(TC-40R)
2. you buy a qualifi ed vehicle fueled by compressed
natural gas;
12 Credit for Increasing Research Activities in Utah
21 Renewable Residential Energy Systems Credit
3. you buy equipment to convert a vehicle to run on
(TC-40E)
propane, natural gas, electricity, or other approved
fuel; and/or
24 Qualifying Solar Project Credit
27 Veteran Employment Tax Credit
Page 15
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