Form Tc-41 - Fiduciary Income Tax - 2012 Page 16
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31Page 14
2012 Utah Fiduciary Income Tax
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/fi nancial_
(UC §59-10-1007)
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 Recycling Market Development Zone Credit has
zone credit (nonapportionable nonrefundable credit,
been reinstated by the Legislature for qualifi ed ma-
code 10) or the targeted business tax credit (refundable
chinery or equipment purchased or for other quali-
credit, code 40).
fi ed expenditures made after December 31, 2011.
The Enterprise Zone Credit is for certain businesses
The credit is for individuals and businesses operating
that hire new full-time employees, restore buildings or
in a designated recycling market development zone.
meet other requirements in a designated zone. Indian
Complete form TC-40R, Recycling Market Development
tribes may apply for enterprise zone designation within
Zone Tax Credit, with the Governor’s Offi ce of Economic
an Indian reservation.
Development certifi cation, verifying the credit is ap-
If you are allocated enterprise zone credit from your
proved. Do not send form TC-40R with your return. Keep
ownership in a partnership or S corporation, your credit
the form and all related documents with your records.
must be based on your ownership percentage.
Note: Any credit that is more than the tax liability may
Note: Any credit that is more than the tax liability may
be carried forward for the next three years.
be carried forward for the next three years.
For more information, contact:
There is no form for this credit. Keep all related docu-
Governor’s Offi ce of Economic Development
ments with your records.
60 E South Temple, 3rd Floor
PO Box 146950
For more information, contact:
Salt Lake City, UT 84114-6950
Governor’s Offi ce of Economic Development
801-538-8804
60 E South Temple, 3rd Floor
goed.utah.gov/incentives/recycling_zones
PO Box 146950
Salt Lake City, UT 84114-6950
(12) Credit for Increasing Research Activities in
801-538-8804
Utah (UC §59-10-1012)
incometax.utah.gov/credits/enterprise-zones or
The credit is:
business.utah.gov/incentives/enterprise_zones
1. 5% of your qualifi ed expenses for increasing research
activities in Utah above a base amount,
(08) Low-Income Housing Credit
2. 5% of certain payments made to a qualifi ed organiza-
(UC §59-10-1010)
tion increasing basic research in Utah above a base
This credit is determined by the Utah Housing Corpo-
amount, and
ration for owners of a low-income housing project who
3. 7.5% of your qualifi ed research expenses for a tax-
also received part of the federal low-income housing
able year beginning on or after Jan. 1, 2012.
tax credit. When this credit applies, the project owner
will provide you form TC-40TCAC (issued by the Utah
Note: Any credit for 1 or 2 above that is more than the
Housing Corporation).
tax liability may be carried forward for the next 14 taxable
years. Any credit for 3 above may not be carried forward.
If you share in this credit, get form TC-40TCAC, Utah
Low-Income Housing Tax Credit Allocation Certifi cation,
There is no form for this credit. Keep all related docu-
and complete form TC-40LI, Summary of Utah Low-
ments with your records.
Income Housing Tax Credit. Do not send these forms with
(13) Carryover of Credit for Machinery and Equip-
your return. Keep the forms and all related documents
ment Used to Conduct Research (UC §59-10-1013)
with your records.
This credit expired for taxable years beginning after 2010.
The building project owner must also complete and attach
If you claimed a credit on your return for machinery
to the return form TC-40LIS, Credit Share Summary of
and/or equipment used to conduct research for a year
Low-Income Housing Project.
after 1997 and prior to 2011 and the credit was more
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