Form Tc-65 - Utah Partnership / Limited Liability Partnership / Limited Liability Company Return Instructions - 2011 Page 16

Line 20 – Total Utah Tax Withheld on Behalf of All

b. At least 70 percent of the gross proceeds of the

transaction are used to buy stock in a qualiﬁ ed Utah

Partners

small business corporation within 12 months from when

In the Utah column, enter the total amount of Utah

the capital gain transaction occurred; and

withholding tax withheld on behalf of all the partners

who are pass-through entity taxpayers by the part-

c. You did not have an ownership interest in the

nership, and for whom the waiver from withholding

qualiﬁ ed Utah small business corporation at the time

was not requested. This amount must match the total

of investment.

pass-through withholding tax on Schedule N, column

See incometax.utah.gov/credits/capital-gains for

I for all pass-through entity taxpayers who have Utah

more information.

withholding tax withheld.

There is no form for this credit. Keep all related docu-

Nonrefundable Credits –

ments with your records.

Codes and Instructions

Calculation of Capital Gain Transactions Tax Credit

1. Eligible short-term or long-term

02 Qualiﬁ ed Sheltered Workshop Cash Contribution

Credit

capital gain

$________

2. Multiply line 1 by 5% (.05).

04 Capital Gain Transactions Credit

This is the credit.

$________

05 Clean Fuel Vehicle Credit (TC-40V)

(05) Clean Fuel Vehicle Credit

06 Historic Preservation Tax Credit

(UC §59-10-1009)

07 Enterprise Zone Tax Credit

This credit is available if:

08 Low-Income Housing Tax Credit

1. you buy a new vehicle that meets air quality and

fuel economy standards;

10 Recycling Market Development Zone Credit

(TC-40R)

2. you buy a qualiﬁ ed vehicle fueled by compressed

natural gas;

12 Credit for Increasing Research Activities in Utah

3. you buy equipment to convert a vehicle to run on

21 Renewable Residential Energy Systems Credit

propane, natural gas, electricity, or other approved

(TC-40E)

fuel; and/or

24 Qualifying Solar Project Credit

4. you buy equipment to convert a special mobile

equipment engine to operate on propane, natural

gas, electricity, or other approved fuel.

(02) Qualiﬁ ed Sheltered Workshop Cash Contri-

The credit may only be claimed once per vehicle. See

bution Credit

instructions on form TC-40V for more information.

(UC §59-10-1004)

Cash contributions made in the taxable year to a quali-

Complete form TC-40V, Clean Fuel Vehicle Tax Credit,

ﬁ ed Utah nonproﬁ t rehabilitation sheltered workshop

with the Division of Air Quality approval stamp, verifying

facility for persons with disabilities are eligible for the

the credit is approved. Do not send form TC-40V with

credit. Check with the workshop to make sure they

your return. Keep the form and all related documents

have a current Day Training Provider License or Day

with your records.

Support Provider Certiﬁ cate issued by the Department

To obtain form TC-40V, approval, and for more infor-

of Human Services. The credit is the lesser of $200 or

mation, contact:

50 percent of the total cash contributions.

Division of Air Quality

There is no form for this credit. Keep all related docu-

195 N 1950 W

ments with your records. The partner must list the

PO Box 144820

qualiﬁ ed workshop name on their return to claim the

SLC, UT 84114-4820

credit. Enter this name on Schedules K and K-1.

801-536-4000

Contact the Contract Administrator, Division of Ser-

cleanfuels.utah.gov/taxcredits/

vices for People with Disabilities, 195 N 1950 W, SLC,

taxcreditsintro.htm

UT 84116, 801-538-4200; or go to dspd.utah.gov for

more information.

(06) Historic Preservation Tax Credit

(UC §59-10-1006)

(04) Capital Gain Transactions Credit

The credit is for costs to restore any residential certi-

(UC §59-10-1022)

ﬁ ed historic building.

You may claim a credit for the short-term and long-term

Complete form TC-40H, Historic Preservation Tax

capital gain on a transaction if:

Credit, with the State Historic Preservation Ofﬁ ce cer-

a. The transaction occurs on or after Jan. 1, 2008;

tiﬁ cation, verifying the credit is approved. Do not send

form TC-40H with your return. Keep the form and all

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