Form Tc-65 Form Tc-65 Tax Return & Instructions Page 19
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27(08) Low-Income Housing Credit
2. 5% of certain payments made to a qualifi ed orga-
nization increasing basic research in Utah above
(UC §59-10-1010)
a base amount, and
Individuals sharing in the credit must obtain form
TC-40TCAC, Utah Low-Income Housing Tax Credit
3. 7.5% of your qualifi ed research expenses in a tax-
Allocation Certifi cation, and complete form TC-40LI,
able year beginning on or after Jan. 1, 2012.
Summary of Utah Low-Income Housing Tax Credit. Do
There is no form for this credit. Keep all related docu-
not send these forms with your return. Keep the forms
ments with your records.
and all related documents with your records.
The building project owner must complete and attach
(21) Renewable Residential Energy
form TC-40LIS, Credit Share Summary of Low-Income
Systems Tax Credit
Housing Project, to the return.
(UC §59-10-1014)
This credit is for reasonable costs, including installation,
This credit is an amount determined by the Utah Hous-
ing Corporation for owners of a low-income housing
of a residential energy system that supplies energy to
project who have received an allocation of the federal
a residential unit in Utah. If the residence is sold to a
low-income housing tax credit.
non-business entity before claiming the tax credit, you
may irrevocably transfer the right to the credit to the
When this credit applies, the project owner will provide
new owner. Additional residential energy systems or
form TC-40TCAC (issued by the Utah Housing Corpo-
parts may be claimed in subsequent years as long as
ration) to the taxpayer.
the total amount claimed does not exceed $2,000 per
residential unit. The principal portion of the lease pay-
For more information, contact:
ments may qualify for the credit, if the lessor irrevocably
Utah Housing Corporation
elects not to claim the credit.
2479 S Lake Park Blvd
Form TC-40E, Renewable Residential and Commercial
West Valley City, UT 84120
Energy Systems Tax Credits, must be obtained from the
801-902-8200
Utah Offi ce of Energy Development with their certifi ca-
tion stamp, verifying the credit is approved and showing
(10) Recycling Market Development Zone Credit
the amount of the approved credit. Do not send form
(UC §59-10-1007)
TC-40E with your return. Keep the form and all related
documents with your records.
An individual or business may not claim the recycling market
development zone credit or carry it forward into a year the
For more information, contact:
individual or business has claimed either the enterprise
Utah Offi ce of Energy Development
zone credit (nonrefundable credit, code 07) or the targeted
PO Box 144845
business tax credit (refundable credit, code 40).
Salt Lake City, UT 84114-4845
The credit is available for purchases of qualifi ed ma-
801-536-4235
chinery and equipment and for other qualifi ed expen-
energy.utah.gov
ditures made by individuals and businesses operating
in a designated recycling market development zone.
(24) Qualifying Solar Project Credit
(UC §59-10-1024)
Complete form TC-40R, Recycling Market Develop-
You may claim a credit of 25 percent of the amount paid
ment Zone Tax Credit, with the Governor’s Offi ce of
to buy one or more solar units from a qualifying political
Economic Development certifi cation verifying the
subdivision, up to a maximum credit of $2,000 per year.
credit is approved. Do not send form TC-40R with your
This is in addition to any other energy credit you claim.
return. Keep the form and all related documents with
your records.
A qualifying solar unit is a portion of the electrical out-
put of an active solar project constructed, controlled
For more information, contact:
or owned by a qualifying political subdivision, which
Governor’s Offi ce of Economic Development
generates electricity furnished to and for the benefi t
60 E South Temple, 3rd Floor
of one or more residential units, and is sold to the
PO Box 146950
taxpayer in exchange for a credit on the taxpayer’s
Salt Lake City, UT 84114-6950
electrical bill.
801-538-8804
Calculation of Qualifying Solar Project Credit
business.utah.gov/incentives/
recycling_zones
1. Amount paid for solar unit(s)
$_____
(12) Credit for Increasing Research Activities in
2. Multiply line 1 by 25% (.25)
$_____
Utah
3. Enter lesser of line 2 or $2,000.
$_____
(UC §59-10-1012)
This is your credit.
The credit is:
There is no form for this credit. Keep all related docu-
1. 5% of your qualifi ed expenses for increasing re-
ments with your records.
search activities in Utah above a base amount,
Page 17
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