Instructions For Utah Fiduciary Return (Tc-41) - 2013 Page 16
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332013 Utah Fiduciary Income Tax
Page 15
Complete form TC-40H, Historic Preservation Tax Credit,
Note: Any credit that is more than the tax liability may
with the State Historic Preservation Offi ce certifi cation,
be carried back three years or forward for the next fi ve
verifying the credit is approved. Do not send form TC-40H
years. If you are carrying this credit back or forward, also
with your return. Keep the form and all related documents
complete form TC-40LIC, Utah Low-Income Housing Tax
with your records.
Credit Carryback and/or Carryforward.
Note: Any credit that is more than the tax liability may
For more information, contact:
be carried forward for next fi ve years.
Utah Housing Corporation
2479 S Lake Park Blvd
For more information, contact:
West Valley City, UT 84120
State Historic Preservation Offi ce
801-902-8200
300 S Rio Grande St.,
Salt Lake City, UT 84101
801-533-3500
(10) Recycling Market Development Zone Credit
history.utah.gov/historic_buildings/
(UC §59-10-1007)
fi nancial_assistance
Note: You may not claim this credit or carry it into the
same year you claim the enterprise zone credit (nonap-
(07) Enterprise Zone Credit
portionable nonrefundable credit, code 07) or the targeted
(UC §63M-1-413)
business tax credit (refundable credit, code 40).
Note: You may not claim this credit or carry it into the
same year you claim the recycling market development
The credit is available for qualifi ed machinery and equip-
zone credit (nonapportionable nonrefundable credit,
ment purchased and for other qualifi ed expenditures
code 10) or the targeted business tax credit (refundable
made by individuals and businesses operating in a
credit, code 40).
designated recycling market development zone.
The Enterprise Zone Credit is for certain businesses
Complete form TC-40R, Recycling Market Development
that hire new full-time employees, restore buildings or
Zone Tax Credit, with the Governor’s Offi ce of Economic
meet other requirements in a designated zone. Indian
Development certifi cation, verifying the credit is approved.
tribes may apply for enterprise zone designation within
Do not send form TC-40R with your return. Keep the form
an Indian reservation.
and all related documents with your records.
If you are allocated enterprise zone credit from your
Note: Any credit that is more than the tax liability may
ownership in a partnership or S corporation, your credit
be carried forward for the next three years.
must be based on your ownership percentage.
For more information, contact:
Note: Any credit that is more than the tax liability may
Governor’s Offi ce of Economic Development
be carried forward for the next three years.
60 E South Temple, 3rd Floor
PO Box 146950
There is no form for this credit. Keep all related docu-
Salt Lake City, UT 84114-6950
ments with your records.
801-538-8804
For more information, contact:
goed.utah.gov/incentives/recycling_zones
Governor’s Offi ce of Economic Development
(12) Credit for Increasing Research Activities in
60 E South Temple, 3rd Floor
Utah (UC §59-10-1012)
PO Box 146950
The credit is:
Salt Lake City, UT 84114-6950
1. 5% of your qualifi ed expenses for increasing research
801-538-8804
activities in Utah above a base amount,
incometax.utah.gov/credits/enterprise-zones or
2. 5% of certain payments made to a qualifi ed organiza-
business.utah.gov/incentives/enterprise_zones
tion increasing basic research in Utah above a base
(08) Low-Income Housing Credit
amount, and
(UC §59-10-1010)
3. 7.5% of your qualifi ed research expenses in a taxable
This credit is determined by the Utah Housing Corpora-
year beginning on or after Jan. 1, 2012.
tion for owners of a low-income housing project who
Note: Any credit for 1 or 2 above that is more than the
also received part of the federal low-income housing
tax liability may be carried forward for the next 14 taxable
tax credit. When this credit applies, the project owner
years. Any credit for 3 above may not be carried forward.
will provide you form TC-40TCAC (issued by the Utah
Housing Corporation).
There is no form for this credit. Keep all related docu-
ments with your records.
If you share in this credit, get form TC-40TCAC, Utah Low-
Income Housing Tax Credit Allocation Certifi cation, and
(13) Carryover of Credit for Machinery and Equip-
complete form TC-40LI, Summary of Utah Low-Income
ment Used to Conduct Research (UC §59-10-1013)
Housing Tax Credit. Do not send these forms with your
This credit expired for taxable years beginning after 2010.
return. Keep the forms and all related documents with
If you claimed a credit on your return for machinery and/
your records.
or equipment used to conduct research for a year after
The building project owner must also complete and attach
1997 and prior to 2011 and the credit was more than the
to the return form TC-40LIS, Credit Share Summary of
tax liability for the year, you may carry over the excess
Low-Income Housing Project.
credit to the next 14 years and use it to offset tax until
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