2004 Form Tc-20 Utah Corporation Franchise Or Income Tax Return And Instructions (Page 12 of 19) in pdf

Write the code and amount of each refundable credit

Line 18e -

Total Prepayments

you qualify for on lines 18a through 18d. Enter the sum

A refundable credit is allowed for advance payments

of all “refundable credits” on line 18. An explanation of

made as quarterly estimated tax payments, prepay-

each refundable credit follows the list below.

ments and extension payments (form TC-559). Include

any overpayments from a prior year that were applied

Codes for lines 18a through 18d

to this year. Use Schedule E to compute the total

40 Targeted Business Tax Credit

prepayment.

46 Mineral Production Withholding Tax Credit

Line 19 - Amended Returns Only (Previous

Payments Less Previous Refunds)

47 Agricultural Off-highway Gas/Undyed Diesel Fuel

Tax Credit

This line should only be used for amended returns. Enter

the amount of tax paid with the original return and/or

48 Farm Operation Hand Tools

subsequent payments made prior to filing this amended

return less any previous refunds (exclude refund inter-

(40) Targeted Business Income Tax Credit

est).

Obtain a certified copy of form TC-40TB, Targeted

Business Income Tax Credit. Keep this form and all

Line 20 - Total Refundable Credits

related documents with your records.

Add lines 18 and 19.

A refundable credit is available to businesses providing

Line 21 - Overpayment

a community investment project as defined in UCA §9-

If line 20 is larger than line 17, subtract line 17 from line

2-1801, §9-2-1802 and §9-2-1803.

20.

Contact the Department of Community and Economic

Development, 324 S State St., Suite 500, SLC, UT

Line 22 - Overpayment to be Applied to

84111, telephone (801) 538-8781;

Next Taxable Year

or email emeyer@utah.gov to obtain form TC-40TB,

All or part of any refund shown on line 21 may be applied

certification or for additional information.

as an advance payment for the next tax year. Enter

amount to be applied (must be less than or equal to

(46) Mineral Production Withholding Credit

overpayment).

(R865-14W-1)

Enter the total of the mineral production tax withheld as

Line 23 - Refund

shown on forms TC-675R or federal schedule K-1(s) for

Subtract line 22 from line 21, and enter the amount here

2004.

and on Form TC-20, line 8.

Attach copies of form TC-675R or federal K-1 to the

Line 24 – Tax Due

return to receive proper credit.

If line 17 is larger than line 20, subtract line 20 from line

17 and enter the amount here and on form TC-20, line

(47) Agricultural Off-Highway Gas/Undyed

Diesel Fuel Tax Credit (UCA §59-13-202)

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

Line 25 - Quarterly Estimated Prepayments

ments with your records.

Meeting Exception

The credit is 24.5 cents per gallon only for motor fuel

Check any boxes corresponding to the four quarters in

and undyed diesel fuel purchased in Utah to operate

which penalty exceptions exist. Refer to “Prepayment

stationary farm engines and self-propelled farm ma-

Requirements” in the General Instructions for excep-

chinery used solely for commercial nonhighway agri-

tions to the penalty on underpayments. Attach support-

cultural use that was taxed at the time of purchase.

ing documentation.

Activities that DO NOT qualify for this credit include, but

are not limited to, the following: golf courses, horse

racing, boat operations, highway seeding, vehicles

registered for highway use, hobbies, and farming for

personal use.

Calculate credit: Gallons _______ x .245 = Credit _______

(48) Farm Operation Hand Tools

(UCA §59-7-614.1)

There is no form for this credit. Keep all related

documents (receipts, invoices, documents showing

amount of sales or use tax paid) with your records.

The refundable credit is allowed for sales and use tax

paid on hand tools purchased on or after July 1, 2004

and used or consumed primarily and directly in a

farming operation in Utah. The credit applies only if the

purchase price of a tool is more than $250.

Page 11

2004 Form Tc-20 Utah Corporation Franchise Or Income Tax Return And Instructions Page 12

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