Tc-40 Forms And Instructions - Individual Income Tax 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 Recycling Market Development Zone Credit has been
history.utah.gov/historic_buildings/financial_
reinstated by the Legislature for qualifi ed machinery or equip-
assistance
ment purchased or for other qualifi ed expenditures made after
December 31, 2011.
(07) Enterprise Zone Credit
The credit is for individuals and businesses operating in a
(UC §63M-1-413)
designated recycling market development zone.
You may not claim this credit or carry it into the same
year you claim the recycling market development zone
Complete form TC-40R, Recycling Market Development Zone
credit (nonapportionable nonrefundable credit, code 10)
Tax Credit, with the Governor's Offi ce of Economic Develop-
or the targeted business tax credit (refundable credit,
ment certifi cation, verifying the credit is approved. Do not send
code 40).
form TC-40R with your return. Keep the form and all related
documents with your records.
The Enterprise Zone Credit is for certain businesses that
hire new full-time employees, restore buildings or meet other
Note: Any credit that is more than the tax liability may be
requirements in a designated zone. Indian tribes may apply
carried forward for the next three years.
for enterprise zone designation within an Indian reservation.
For more information contact:
If you are allocated enterprise zone credit from your ownership
Governor's Offi ce of Economic Development
in a partnership or S corporation, your credit must be based
60 E South Temple, 3rd Floor
on your ownership percentage.
PO Box 146950
Salt Lake City, UT 84114-6950
Note: Any credit that is more than the tax liability may be
801-538-8804
carried forward for the next three years.
business.utah.gov/incentives/recycling_zones
There is no form for this credit. Keep all related documents
with your records.
(12) Credit for Increasing Research Activities in Utah
(UC §59-10-1012)
For more information contact:
Governor's Offi ce of Economic Development
The credit is:
60 E South Temple, 3rd Floor
1. 5% of your qualifi ed expenses for increasing research
PO Box 146950
activities in Utah above a base amount;
Salt Lake City, UT 84114-6950
2. 5% of certain payments made to a qualifi ed organization
801-538-8804
increasing basic research in Utah above a base amount,
incometax.utah.gov/credits/enterprise-zones or
and
business.utah.gov/incentives/enterprise_zones
3. 7.5% of your qualifi ed research expenses for a taxable
year beginning on or after January 1, 2012.
(08) Low-Income Housing Credit
(UC §59-10-1010)
Note: Any credit for 1 or 2 above that is more than the tax
This credit is determined by the Utah Housing Corporation for
liability may be carried forward for the next 14 taxable years.
owners of a low-income housing project who also received part
Any credit for 3 above may not be carried forward.
of the federal low-income housing tax credit. When this credit
There is no form for this credit. Keep all related documents
applies, the project owner will provide you form TC-40TCAC
with your records.
(issued by the Utah Housing Corporation).
(13) Carryover of Credit for Machinery and Equipment
If you share in this credit, get form TC-40TCAC, Utah Low-Income
Used to Conduct Research (UC §59-10-1013)
Housing Tax Credit Allocation Certifi cation, and complete form
The credit expired for taxable years beginning after 2010.
TC-40LI, Summary of Utah Low-Income Housing Tax Credit. Do
not send these forms with your return. Keep the forms and all
If you claimed a credit on your return for machinery and/or
related documents with your records.
equipment used to conduct research for a year after 1997 and
prior to 2011 and the credit was more than the tax liability for
The building project owner must also complete and attach
the year, you may carry over the excess credit to the next 14
to his return form TC-40LIS, Credit Share Summary of Low-
years and use it to offset tax until used up. If you are using
Income Housing Project.
any remaining credit in 2012, enter that carryover amount on
Note: Any credit that is more than the tax liability may be car-
TC-40A, Part 4, using code 13.
ried back three years or forward for the next fi ve years. If you
(17) Credit for Income Tax Paid to Another State
are carrying this credit back or forward, also complete form
(UC §59-10-1003)
TC-40LIC, Utah Low-Income Housing Tax Credit Carryback
If you are a Utah resident or part-year resident with income that
and/or Carryforward.
is taxed by Utah and another state(s), the District of Columbia,
For more information contact:
or a possession of the United States, you may be entitled to a
Utah Housing Corporation
credit for income tax paid to the other state(s). Nonresidents
2479 S Lake Park Blvd
do not qualify for this credit.
West Valley City, UT 84120
801-902-8200
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