2004 Form Tc-20 Utah Corporation Franchise Or Income Tax Return And Instructions (Page 11 of 19) in pdf

low-income housing tax credit. Unused credits may be

The credit is for expenses incurred for increasing

carried back three years or carried forward five years

qualified research activities in Utah. A qualifying tax-

payer may claim the credit in the taxable year immedi-

When this credit is applicable, the project owner will

ately following the taxable year for which the taxpayer

provide form TC-40TCAC (executed by the Housing

qualifies for the credit.

Corporation) to the taxpayer.

For detailed information regarding this credit, including

If the low-income housing credit was claimed and the

definition of terms and procedures for claiming the

building or ownership interest was subsequently dis-

credit, refer to UCA §59-7-612.

posed of, recapture of the credit may be required. See

“Tax from Recapture of Credits” on page 8.

(13) Credit for Machinery and Equipment Used

to Conduct Research (UCA §59-7-613)

To obtain forms, certification and for additional informa-

tion, contact:

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

ments with your records.

Utah Housing Corporation

554 S 300 E

The credit is for machinery, equipment, or both, used

SLC, UT 84111

primarily for conducting qualified research or basic re-

(801) 521-6950

search in Utah for a time period of not less than 12

consecutive months. A qualifying taxpayer may claim

(09) Credit For Employers Who Hire Persons

the credit in the taxable year immediately following the

With Disabilities (UCA §59-7-608)

taxable year for which the taxpayer qualifies for the

credit.

Complete form TC-40HD, “Tax Credit for Employers

Who Hire Persons with Disabilities” showing the re-

For detailed information regarding this credit, including

quired certification. Do not send form TC-40HD with

definition of terms and procedures for claiming the

your return. Keep the form and all related documents

credit, refer to UCA §59-7-613.

with your records.

(14) High Technology Equipment Contribution

The credit is for employers hiring individuals with dis-

Tax Credit (UCA §59-7-603)

abilities who: (1) worked in this state for at least 6

months in a taxable year for that employer, and (2) are

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

paid at least minimum wage by that employer.

ments with your records.

To obtain form TC-40HD, certification or for additional

A nonrefundable tax credit is allowed for 25 percent of the

information, contact:

fair market value of high technology equipment contribu-

tions to public education, not to exceed the basis of the

Division of Services for People with Disabilities

property contributed. If the contribution was deducted

120 N 200 W, #411

when calculating federal taxable income, that amount

SLC, UT 84103

must be deducted from current-year contributions (Utah

(801) 538-4200

Schedule D, line 5b) before the credit may be claimed on

this line.

(10) Recycling Market Development Zone

Tax Credit (UCA §59-7-610)

(15) Utah Municipal, U.S. and Agency Bond

Complete form TC-40R, “Recycling Market Develop-

Interest Tax Credit (UCA §59-7-601)

ment Zone Tax Credit,” with the Department of Com-

Attach a schedule showing the calculation of credit.

munity and Economic Development certification, veri-

Keep a copy of the schedule and all related documents

fying the credit has been approved. Do not send form

with your records.

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

documents with your records.

A credit of 1 percent of Utah municipal interest and federal

interest included in Utah taxable income will be allowed. For

The Utah legislature has authorized this credit for

multistate corporations, the amount of Utah municipal and

individuals and businesses operating in a designated

federal interest included in Utah taxable income is calcu-

recycling market development zone as defined in UCA

lated by multiplying the total amount of that interest by the

§9-2-1602.

current year apportionment fraction. The credit is nonre-

fundable but may be carried back three years and forward

To obtain form TC-40R, certification, and for additional

five years.

information, contact:

Dept. of Community & Economic Development

(16) Utah Steam Coal Credit

324 S State St, Suite 500

This credit was repealed for tax years beginning on or

SLC, UT 84111

after Jan. 1, 2002. Unused credits earned prior to the

(801) 538-8804

repeal date may be carried forward 15 years.

dced.utah.gov/incentives/recycling.html

email: Iprall@utah.gov

Line 17 - Net Tax

Subtract line 16 from line 15. Enter the results, but not

(12) Credit for Increasing Research Activities

less than the minimum tax shown on line 15b.

(UCA §59-7-612)

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

Line 18 - Refundable Credits

ments with your records.

Add lines 18a through 18e.

Page 10

2004 Form Tc-20 Utah Corporation Franchise Or Income Tax Return And Instructions Page 11

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