Form Tc-40 - Individual Income Tax Return Instructions - 2011 Page 19
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(07) Enterprise Zone Credit (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
Contact the Governor's Offi ce of Economic Development, 324
certain other requirements in a designated zone. Indian tribes
S State St, Suite 500, SLC, UT 84111, 801-538-8804, or go
may apply for enterprise zone designation within an Indian
to goed.utah.gov/incentives/incentives-recycling_zones
reservation.
for more information.
If you are allocated enterprise zone credit from your ownership
(12) Credit for Increasing Research Activities in Utah
in a partnership or S corporation, your credit must be based
(UC §59-10-1012)
on your ownership percentage.
The credit is:
Note: Any credit that is more than the tax liability may be
1. 5% of your qualifi ed expenses for increasing research
carried forward for the next three years.
activities in Utah above a base amount,
There is no form for this credit. Keep all related documents
2. 5% of certain payments made to a qualifi ed organization
with your records.
increasing basic research in Utah above a base amount,
and
Contact the Governor's Offi ce of Economic Development, 324
3. 9.2% of your qualifi ed research expenses for taxable year
S State St., Suite 500, SLC, UT 84111, 801-538-8804; or go
beginning on or after Jan. 1, 2010.
to incometax.utah.gov/credits/enterprise-zones or goed.
utah.gov/incentives/enterprise_zones for more information.
Note: Any credit for 1 or 2 above that is more than the tax
liability may be carried forward for the next 14 taxable years.
(08) Low-Income Housing Credit (UC §59-10-1010)
Any credit for 3 above may not be carried forward.
This credit is determined by the Utah Housing Corporation for
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 2011, 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 Taxes 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
credit for income tax paid to the other state(s). Nonresidents
Contact Utah Housing Corporation, 2479 S Lake Park
do not qualify for this credit.
Blvd, West Valley City, UT 84120, 801-902-8200, or go to
for more information.
Complete and attach form TC-40S, Credit for Income Tax Paid
to Another State. If there are two or more states, use separate
(10) Recycling Market Development Zone Credit
calculations for each state. See examples at incometax.utah.
(UC §59-10-1007)
gov/credits/taxes-paid-to-other-states. Carry the sum of the
You may not claim this credit or carry it into the same
credits from TC-40S, line 7 to TC-40A, Part 4, using code 17.
year you claim the enterprise zone credit (nonappor-
tionable nonrefundable credit, code 07) or the targeted
If you fi le electronically through a paid preparer or a com-
business tax credit (refundable credit, code 40).
mercial Internet site, you may only claim credit paid to one
other state. If you fi le online through the Tax Commission’s
The Recycling Market Development Zone Credit was rein-
TAP system, credit may be claimed for taxes paid to more
stated by the Legislature for qualifi ed machinery or equipment
than one state.
purchased or for other qualifi ed expenditures made from July
1, 2010 through December 31, 2011.
Do not use the state income tax withheld from form W-2 as the
tax paid to the other state. You must complete and fi le the other
The credit is for individuals and businesses operating in a
state's return to determine the tax amount paid. You may have
designated recycling market development zone.
to provide additional information later to verify this credit.
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