Form Tc-65 - Partnership/ Limited Liability Partnership/ Limited Liability Company - 2012 Page 18
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26(07) Enterprise Zone Credit
The Recycling Market Development Zone Tax Credit
has been reinstated by the Legislature for qualifi ed
(UC §63M-1-413)
machinery or equipment purchased or for other
An individual or business may not claim the enterprise
qualifi ed expenditures made after Dec. 31, 2011.
zone credit or carry it forward into a year the individual
or business has claimed either the recycling market
The credit is available to individuals and businesses
development zone credit (nonrefundable credit, code
operating in a designated recycling market develop-
10) or the targeted business tax credit (refundable
ment zone.
credit, code 40).
Complete form TC-40R, Recycling Market Develop-
The Enterprise Zone Credit is available for certain
ment Zone Tax Credit, with the Governor’s Offi ce of
businesses that hire new full-time employees, restore
Economic Development certifi cation verifying the
buildings, or meet certain other requirements in a
credit is approved. Do not send form TC-40R with your
designated zone. Indian tribes may apply for enterprise
return. Keep the form and all related documents with
zone designation within an Indian reservation.
your records.
If enterprise zone credits are being taken based on your
For more information, contact:
ownership in a partnership or S corporation, you must
Governor’s Offi ce of Economic Development
allocate the credits as determined under IRC §704.
60 E South Temple, 3rd Floor
There is no form for this credit. Keep all related docu-
PO Box 146950
ments with your records.
Salt Lake City, UT 84114-6950
801-538-8804
For more information, contact:
business.utah.gov/incentives/
Governor’s Offi ce of Economic Development
recycling_zones
60 E South Temple, 3rd Floor
PO Box 146950
(12) Credit for Increasing Research Activities in
Salt Lake City, UT 84114-6950
Utah
801-538-8804
(UC §59-10-1012)
business.utah.gov/incentives/
The credit is:
enterprise_zones
1. 5% of your qualifi ed expenses for increasing re-
(08) Low-Income Housing Credit
search activities in Utah above a base amount,
(UC §59-10-1010)
2. 5% of certain payments made to a qualifi ed orga-
Individuals sharing in the credit must obtain form
nization increasing basic research in Utah above
TC-40TCAC, Utah Low-Income Housing Tax Credit
a base amount, and
Allocation Certifi cation, and complete form TC-40LI,
3. 7.5% of your qualifi ed research expenses for a tax-
Summary of Utah Low-Income Housing Tax Credit. Do
able year beginning on or after Jan. 1, 2012.
not send these forms with your return. Keep the forms
and all related documents with your records.
There is no form for this credit. Keep all related docu-
ments with your records.
The building project owner must complete and attach
form TC-40LIS, Credit Share Summary of Low-Income
(21) Renewable Residential Energy
Housing Project, to the return.
Systems Tax Credit
This credit is an amount determined by the Utah Hous-
(UC §59-10-1014)
ing Corporation for owners of a low-income housing
This credit is for reasonable costs, including installation,
project who have received an allocation of the federal
of a residential energy system that supplies energy to
low-income housing tax credit.
a residential unit in Utah. If the residence is sold to a
When this credit applies, the project owner will provide
non-business entity before claiming the tax credit, you
form TC-40TCAC (issued by the Utah Housing Corpo-
may irrevocably transfer the right to the credit to the
ration) to the taxpayer.
new owner. Additional residential energy systems or
parts may be claimed in subsequent years as long as
For more information, contact:
the total amount claimed does not exceed $2,000 per
Utah Housing Corporation
residential unit. The principal portion of the lease pay-
2479 S Lake Park Blvd
ments may qualify for the credit, if the lessor irrevocably
West Valley City, UT 84120
elects not to claim the credit.
801-902-8200
Form TC-40E, Renewable Residential and Commercial
Energy Systems Tax Credits, must be obtained from the
Utah Offi ce of Energy Development with their certifi ca-
(10) Recycling Market Development Zone Credit
tion stamp, verifying the credit is approved and showing
(UC §59-10-1007)
the amount of the approved credit. Do not send form
An individual or business may not claim the recycling market
TC-40E with your return. Keep the form and all related
development zone credit or carry it forward into a year the
documents with your records.
individual or business has claimed either the enterprise
zone credit (nonrefundable credit, code 07) or the targeted
business tax credit (refundable credit, code 40).
Page 16
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