Form Tc-20 - Utah Corporation Franchise Or Income Tax Return Instructions - 2011 Page 12
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25For more information, contact:
Division of Services for People with Disabilities
195 N 1950 W
Governor’s Offi ce of Economic Development
SLC, UT 84116
324 S State St, Suite 500
801-538-4200
SLC, UT 84111
801-538-8804
(10) Recycling Market Development Zone Credit
goed.utah.gov/incentives/
(UC §59-7-610)
enterprise_zones
A business may not claim the recycling market devel-
opment zone credit or carry it forward into a year the
(08) Low-Income Housing Credit (UC §59-7-607)
business has claimed either the enterprise zone credit
Individuals sharing in the credit must obtain form TC-
(nonrefundable credit, code 07) or targeted business
40TCAC, Utah Low-Income Housing Tax Credit Alloca-
tax credit (refundable credit, code 40).
tion Certifi cation and complete form TC-40LI, Summary
of Utah Low-Income Housing Tax Credit. Do not send
The Legislature has reinstated the Recycling Market
these forms with your return. Keep the forms and all
Development Zone Tax Credit for qualifi ed machinery
related documents with your records.
or equipment purchased or for other qualifi ed expen-
ditures made from July 1, 2010 through Dec. 31, 2011.
The building project owner must complete and attach
form TC-40LIS, Credit Share Summary of Low-Income
The credit is available to individuals and businesses operat-
Housing Project to the return.
ing in a designated recycling market development zone.
This credit is an amount determined by the Utah Hous-
Complete form TC-40R, Recycling Market Develop-
ing Corporation for owners of a low-income housing
ment Zone Tax Credit, with the Governor’s Offi ce of
project who have received an allocation of the federal
Economic Development certifi cation, verifying the
low-income housing tax credit.
credit is approved. Do not send form TC-40R with your
return. Keep the form and all related documents with
When this credit applies, the project owner will provide
your records.
form TC-40TCAC (issued by the Utah Housing Corpo-
ration) to the taxpayer.
Note: Any credit that is more than the tax liability may
be carried forward for the next three years.
Note: Any credit that is more than the tax liability
may be carried back for the previous three years, or
To obtain form TC-40R, certifi cation, and for more
carried forward for fi ve years. If you are carrying this
information, contact:
credit forward or backward, you must also complete
Governor’s Offi ce of Economic Development
form TC-40LIC, Utah Low-Income Housing Tax Credit
324 S State St, Suite 500
Carryback and/or Carryforward.
SLC, UT 84111
If the low-income housing credit was claimed and the
801-538-8804
building or ownership interest was subsequently dis-
goed.utah.gov/incentives/
posed of, recapture of the credit may be required. See
incentives-recyclings_zones
Recapture of Low-Income Housing Credit on page 9.
(12) Credit for Increasing Research Activities in
For more information, contact:
Utah (UC §59-7-612)
Utah Housing Corporation
The credit is:
2479 S Lake Park Blvd
1. 5% of your qualifi ed expenses for increasing re-
West Valley City, UT 84120
search activities in Utah above a base amount,
801-902-8200
2. 5% of certain payments made to a qualifi ed orga-
nization increasing basic research in Utah above
(09) Credit for Employers Who Hire Persons with
a base amount, and
Disabilities (UC §59-7-608)
3. 9.2% of your qualifi ed research expenses for taxable
The credit is for employers hiring individuals with dis-
years beginning on or after Jan. 1, 2010.
abilities who worked in Utah at least six months in a
taxable year and are paid at least minimum wage by
Note: Any credit for 1 or 2 above that is more than
that employer.
the tax liability may be carried forward for the next 14
taxable years. Any credit for 3 above may not be car-
Complete form TC-40HD, Employers Who Hire Per-
ried forward.
sons with Disabilities Tax Credit showing the required
certifi cation. Do not send form TC-40HD with your
There is no form for this credit. Keep all related docu-
return. Keep the form and all related documents with
ments with your records.
your records.
(13) Carryover of Prior Year Credit for Machinery
Note: Any credit that is more than the tax liability may
and Equipment Used to Conduct Research
be carried forward for the next two years.
(UC §59-7-613)
To obtain form TC-40HD, certifi cation, and for more
This credit expired for taxable years beginning after
information, contact:
2010.
Page 10
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