Instructions For Individual Income Tax Return (Tc-40) - 2013 Page 23
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Note: Any credit that is more than the tax liability may be
(10) Recycling Market Development Zone Credit
carried forward for the next fi ve years.
(UC §59-10-1007)
You may not claim this credit or carry it into the same
For more information contact:
year you claim the enterprise zone credit (nonappor-
State Historic Preservation Offi ce
tionable nonrefundable credit, code 07) or the targeted
300 S Rio Grande St.
business tax credit (refundable credit, code 40).
Salt Lake City, UT 84101
801-533-3500
The credit is available for qualifi ed machinery and equipment
heritage.utah.gov/history/state-tax-credit
purchased and for other qualifi ed expenditures made by
individuals and businesses operating in a designated recycling
(07) Enterprise Zone Credit
market development zone.
(UC §63M-1-413)
Complete form TC-40R, Recycling Market Development Zone
You may not claim this credit or carry it into the same
Tax Credit, with the Governor's Offi ce of Economic Develop-
year you claim the recycling market development zone
ment certifi cation, verifying the credit is approved. Do not send
credit (nonapportionable nonrefundable credit, code 10)
form TC-40R with your return. Keep the form and all related
or the targeted business tax credit (refundable credit,
documents with your records.
code 40).
Note: Any credit that is more than the tax liability may be
The Enterprise Zone Credit is for certain businesses that
carried forward for the next three years.
hire new full-time employees, restore buildings or meet other
requirements in a designated zone. Indian tribes may apply
For more information contact:
for enterprise zone designation within an Indian reservation.
Governor's Offi ce of Economic Development
60 E South Temple, 3rd Floor
If you are allocated enterprise zone credit from your ownership
PO Box 146950
in a partnership or S corporation, your credit must be based
Salt Lake City, UT 84114-6950
on your ownership percentage.
801-538-8804
Note: Any credit that is more than the tax liability may be
business.utah.gov/incentives/recycling_zones
carried forward for the next three years.
(12) Credit for Increasing Research Activities in Utah
There is no form for this credit. Keep all related documents
(UC §59-10-1012)
with your records.
The credit is:
For more information contact:
1. 5% of your qualifi ed expenses for increasing research
Governor's Offi ce of Economic Development
activities in Utah above a base amount;
60 E South Temple, 3rd Floor
2. 5% of certain payments made to a qualifi ed organization
PO Box 146950
increasing basic research in Utah above a base amount,
Salt Lake City, UT 84114-6950
and
801-538-8804
3. 7.5% of your qualifi ed research expenses in a taxable year
incometax.utah.gov/credits/enterprise-zones or
beginning on or after January 1, 2012.
business.utah.gov/incentives/enterprise_zones
Note: Any credit for 1 or 2 above that is more than the tax
(08) Low-Income Housing Credit
liability may be carried forward for the next 14 taxable years.
(UC §59-10-1010)
This credit is determined by the Utah Housing Corporation for
Any credit for 3 above may not be carried forward.
owners of a low-income housing project who also received part
There is no form for this credit. Keep all related documents
of the federal low-income housing tax credit. When this credit
with your records.
applies, the project owner will provide you form TC-40TCAC
(13) Carryover of Credit for Machinery and Equipment
(issued by the Utah Housing Corporation).
Used to Conduct Research (UC §59-10-1013)
If you share in this credit, get form TC-40TCAC, Utah Low-Income
The credit expired for taxable years beginning after 2010.
Housing Tax Credit Allocation Certifi cation, and complete form
If you claimed a credit on your return for machinery and/or
TC-40LI, Summary of Utah Low-Income Housing Tax Credit. Do
equipment used to conduct research for a year after 1997 and
not send these forms with your return. Keep the forms and all
prior to 2011 and the credit was more than the tax liability for
related documents with your records.
the year, you may carry over the excess credit to the next 14
The building project owner must also complete and attach
years and use it to offset tax until used up. If you are using
to his return form TC-40LIS, Credit Share Summary of Low-
any remaining credit in 2013, enter that carryover amount on
Income Housing Project.
TC-40A, Part 4, using code 13.
Note: Any credit that is more than the tax liability may be car-
(17) Credit for Income Tax Paid to Another State
ried back three years or forward for the next fi ve years. If you
(UC §59-10-1003)
are carrying this credit back or forward, also complete form
If you are a Utah resident or part-year resident with income that
TC-40LIC, Utah Low-Income Housing Tax Credit Carryback
is taxed by Utah and another state(s), the District of Columbia,
and/or Carryforward.
or a possession of the United States, you may be entitled to a
For more information contact:
credit for income tax paid to the other state(s). Nonresidents
Utah Housing Corporation
do not qualify for this credit.
2479 S Lake Park Blvd
Complete and attach form TC-40S, Credit for Income Tax Paid
West Valley City, UT 84120
to Another State. If there are two or more states, use separate
801-902-8200
calculations for each state. See examples at incometax.utah.
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