2004 Form Tc-20 Utah Corporation Franchise Or Income Tax Return And Instructions Page 9
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19Yes, forego the loss carryback
credit and disposed of the building or an ownership
interest may be required to recapture any credits that
No, treat the loss as a carryback
have reduced their tax liability in a previous year. See
If an election is not made to forego the loss carryback,
form TC-40LIS for instructions on calculating the Low
the Utah net loss will be carried back to the earliest of
Income Housing Credit Recapture Tax. Attach a sup-
porting schedule showing the calculation of the credit
the three preceding tax years; if not entirely used to
offset income of that year, it will be carried to the second
recaptured.
year preceding the loss year; any remaining loss will be
Line 16 – Nonrefundable Credits
carried to the taxable year immediately preceding the
Write the code and amount of each nonrefundable
loss year. Any remaining loss should be carried for-
credit you qualify for on lines 16a through 16f. Enter the
ward.
sum of all “nonrefundable credits” on line 16. An expla-
Do not submit an amended return for the purpose
nation of each nonrefundable credit follows the list
of claiming a loss carryback refund. A refund result-
below.
ing from a loss carryback will be sent automatically.
Use these codes for lines 16a through 16f
Line 13 – Utah Net Loss Carried Forward
02 Qualified Sheltered Workshop Cash Contribution
from Prior Years
Credit
Losses incurred in years beginning on or after Jan. 1,
03 Renewable Energy Systems Tax Credit
1994, which remain after all carrybacks have been
applied, may be carried forward for fifteen taxable years
05 Clean Fuel Vehicle Tax Credit
following the taxable year of the loss.
06 Historic Preservation Tax Credit
Attach documentation to the return to support the loss
amounts carried forward on Schedule A, line 13.
07 Enterprise Zone Tax Credit
08 Low-income Housing Tax Credit
Line 14 – Net Taxable Income
Subtract line 13 from line 12.
09 Credit for Employers who Hire Persons with Disabilities
10 Recycling Market Development Zone Tax Credit
Line 15 – Calculation of Tax
Add lines 15c and 15d.
12 Credit for Increasing Research Activities
13 Credit for Machinery and Equipment Used to
Line 15a
Conduct Research
Multiply line 14 by .05.
14 High Technology Equipment Contribution Tax
Line 15b
Credit
Multiply the number of corporations listed on Schedule
15 Utah Municipal, U.S. and Agency Bond Interest
M by $100. If Schedule M is not applicable, enter $100.
Tax Credit
Line 15c
16 Utah Steam Coal Credit Carryforward
Enter the amount from line 15a or 15b, whichever is
greater.
(02) Qualified Sheltered Workshop Cash
Contribution Credit (UCA §59-7-602)
Line 15d
There is no form for this credit. Keep all related docu-
Interest on Installment Sales
ments with your records.
Generally, interest must be paid on the deferred tax
Cash contributions made within the tax year to a qualified
related to installment sales if the contract was entered
nonprofit rehabilitation sheltered workshop facility operat-
into on or after Jan. 1, 1994.
ing in Utah for persons with disabilities are eligible for a
The rate of interest applicable must be determined
credit against Utah income taxes. Check with the workshop
pursuant to IRC Section 453A. Enter the interest as an
to make sure they have a current Day Training Provider
additional tax on Schedule A, line 15d.
License or Day Support Provider Certificate issued by the
Department of Human Services. The credit is equal to 50
The deferred tax liability for Utah purposes must be
percent of the total cash contributions, not to exceed
calculated in a manner similar to that outlined in IRC
$1,000. If the contribution was deducted when calculating
Section 453(A)(c), except:
federal taxable income (federal form 1120, line 19), that
1. The tax rate applied must be 5 percent; and
amount must be deducted from current year contributions
(Utah Schedule D, line 5a) before the credit may be claimed
2. In the case of multistate corporations, the amount of
on this line.
Utah gain which has not been recognized must be
determined by multiplying the deferred gain, which
For more information, contact:
has not been recognized for federal purposes, by
Contract Administrator
the current year apportionment fraction.
Division of Services for People with Disabilities
Tax from Recapture of Credits
120 N 200 W #411
Owners of a low-income housing project and other
SLC, UT 84103
taxpayers who have taken the low-income housing
(801) 538-4200
Page 8
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