Form Tc-20 - Utah Corporation Franchise Or Income Tax Return Instructions - 2011 Page 11
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25The deferred tax liability for Utah purposes must be
(05) Clean Fuel Vehicle Credit (UC §59-7-605)
calculated in a manner similar to that outlined in IRC
This credit is available if:
§453(A)(c), except:
1. you buy a new vehicle that meets air quality and
1. The tax rate applied must be 5 percent; and
fuel economy standards;
2. In the case of multi-state corporations, the amount
2. you buy a qualifi ed vehicle fueled by compressed
of Utah gain that has not been recognized must be
natural gas;
determined by multiplying the deferred gain that
3. you buy equipment to convert a vehicle to run on
has not been recognized for federal purposes by
propane, natural gas, electricity or other approved
the current year apportionment fraction.
fuel; and/or
Line 20 – Recapture of Low-Income
4. you buy equipment to convert a special mobile
Housing Credit
equipment engine to operate on propane, natural
Owners of a low-income housing project and other tax-
gas, electricity or other approved fuel.
payers who have taken the low-income housing credit
The credit may only be claimed once per vehicle. See
and disposed of the building or an ownership interest
instructions on form TC-40V for more information.
may be required to recapture any credits that reduced
their tax liability in a previous year. See Utah form TC-
Complete form TC-40V, Clean Fuel Vehicle Tax Credit
40LIC for instructions on calculating the low-income
with the Division of Air Quality approval stamp verifying
housing credit recapture tax. Attach a supporting sched-
the credit is approved. Do not send form TC-40V with
ule showing the calculation of the credit recaptured. Get
your return. Keep this form and all related documents
form TC-40LIC online at tax.utah.gov/forms.
with your records.
Note: Any credit that is more than the tax liability may
Line 21 – Total Tax
be carried forward for the next fi ve years.
Add the amounts on lines 18, 19 and 20. Carry this
total to Schedule A, page 2, line 22.
To obtain form TC-40V, approval, and for more infor-
mation, contact:
Line 22
Division of Air Quality
Enter the total tax from Schedule A, page 1, line 21.
195 N 1950 W
PO Box 144820
Line 23 – Nonrefundable Credits
SLC, UT 84114-4820
Nonrefundable credits cannot be used to pay the mini-
801-536-4000
mum tax and cannot result in a refund.
cleanfuels.utah.gov/taxcredits/
If you claim any of the following nonrefundable credits,
taxcreditsintro.htm
write the code and amount of each credit you claim
on lines 23a through 23f. Enter the sum of all nonre-
(06) Carryover of Prior Credit for Historic
fundable credits on line 23. An explanation of each
Preservation (UC §59-7-609)
nonrefundable credit is listed below.
The historic preservation tax credit is no longer avail-
able for corporate taxpayers. However, the credit had
a fi ve-year carryover provision. Claim unused credit
Use these codes for lines 23a through 23f
carryovers earned from 2006 through 2008 by entering
the allowable carryover and using code 06.
05 Clean Fuel Vehicle Credit
06 Carryover of Prior Credit for Historic Preservation
(07) Enterprise Zone Credit (UC §63M-1-413)
A business may not claim the enterprise zone credit or
07 Enterprise Zone Credit
carry it forward into a year the business has claimed
08 Low-income Housing Credit
either the recycling market development zone credit
(nonrefundable credit, code 10) or the targeted busi-
09 Credit for Employers Who Hire Persons with
ness tax credit (refundable credit, code 40).
Disabilities
There is no form for this credit. Keep all related docu-
10 Recycling Market Development Zone Credit
ments with your records.
12 Credit for Increasing Research Activities in Utah
The Enterprise Zone Credit is available for certain
13 Carryover Credit for Machinery and Equipment
businesses that hire new full-time employees, restore
Used to Conduct Research
buildings, or meet certain other requirements in a
designated zone. Indian tribes may apply for enterprise
15 Utah Municipal, U.S. and Agency Bond Interest Credit
zone designation within an Indian reservation.
16 Utah Steam Coal Credit Carryforward
Note: Any credit that is more than the tax liability may
21 Renewable Residential Energy Systems Credit
be carried forward for the next three years.
24 Qualifying Solar Project Credit
If enterprise zone credits are being taken based on your
ownership in a partnership or S corporation, you must
allocate the credits as determined under IRC §704.
Page 9
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