Form Tc-40r - Recycling Market Development Zones Tax Credit Page 2
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1
2A taxpayer may not claim this credit or carry it forward into a year that the taxpayer has claimed the targeted
business tax credit or the enterprise zone credit.
Utah Code §59-7-610 and
§59-7-
1007 allows a nonrefundable tax credit against individual income tax, corporate
franchise or income tax, or fiduciary tax if operating in a recycling market development zone, as defined in Utah Code
Section 63M- -1102. The credit
1
is equal to
: (a) 5
%
of the purchase price paid during the taxable year for machinery and
equipment used directly in commercial composting, or manufacturing facilities or plant units that manufacture recycled
items or reduce or reuse postconsumer waste material; and (b) 20
%
of
the
net expenditures
paid
to third parties for rent,
wages, supplies, tools, test inventory, and utilities made by the taxpayer for establishing and operating recycling or
composting technology in Utah
, up to a maximum credit of $2,000
.
PART A - TAXPAYER INFORMATION
Enter name and address information of taxpayer. PART A must be signed by the Department of Community and Economic
Development authorizing this credit.
PART B - QUALIFIED PURCHASES
List any machinery or equipment purchased and used directly in commercial composting or in manufacturing facilities or
plant units that manufacture, process, compound or produce recycled items for sale or reduce or reuse post consumer
waste material, and enter the purchase price. Add all purchases and multiply the total purchases by 5% (.05). This is the
credit for machinery and equipment.
PART C - QUALIFIED EXPENDITURES
List expenditures for rent, wages, supplies, tools, test inventory, and utilities and the amount of the expenditure in the
appropriate column. Total all expenditures listed in PART C and multiply the total by 20% (.20). If the amount is greater
than $2,000, only enter $2,000.
PART D - CREDIT CALCULATION
Add together the "
Total credit allowed
" from PARTS B and C. Multiply the amount of your Utah income tax by 40% (.40).
Non or part-year residents must use the apportioned Utah tax. Your Recycling Market Development Zone Tax Credit is the
smaller of line 1 or line 2.
PART E - CREDIT CARRYOVER
Taxpayers may carry forward for three years any of the unused total credit allowed in PART D, line 3, that is attributable to
purchases of qualified machinery and equipment under PART B. Indicate the amounts you are carrying forward, along
with the appropriate years, on lines 1 through 3 of PART E.
Carryforward recycling market development zone credits shall be applied against Utah individual income tax, corporate
franchise or income tax or fiduciary tax due before the application of any recycling market development zone tax credits
earned in the current year and on a first-earned, first-used basis.
Do not send this form with your return. Keep this form and all related documents with your records. You must
complete a new form each year you claim a carryforward credit.
To approve this credit, contact the Governor's Office of Economic Development, 324 S State St, Suite 500, Salt Lake City,
Utah 84111, telephone number 801-538-8804. For more information, go to
If you need additional information, please contact the Utah State Tax Commission at 801-297-2200 or toll free
1-800-662-4335, if outside the Salt Lake area. The address is 210 N 1950 W, Salt Lake City, Utah 84134.
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