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| Tax Year | |||||
|---|---|---|---|---|---|
| 2008 | 2007 | 2006 | 2005 | Description | Code |
| X | X | – | – | Renewable Commercial Energy Systems Credit | 39 |
| X | X | X | X | Targeted Business Tax Credit | 40 |
| X | X | X | X | Special Needs Adoption Credit | 41 |
| X | X | X | X | Nonresident Shareholder's Withholding Tax Credit | |
| X | X | X | X | Mineral Production Withholding Tax Credit | 46 |
| X | X | X | X | Agricultural Off-Highway Gas/Undyed Diesel Tax Credit | 47 |
| X | X | X | X | Farm Operation Hand Tools Credit | 48 |
Form TC-40E, Renewable Residential and Commercial Energy Systems Tax Credits, must be obtained from the Utah Geological Survey with their certification stamp, verifying the credit has been approved and showing the amount of the approved credit. Do not send form TC-40E with your return. Keep the form and all related documents with your records.
This credit is for reasonable costs, including installation, of a commercial energy system that is an active solar system, a direct-use geothermal system, a geothermal heat-pump system, a hydroenergy system, or a passive solar system. Credit is also allowed for a commercial system that uses wind, geothermal electricity, or biomass equipment.
For more information, contact the Utah Geological Survey (UGS), 1594 W North Temple, Box 146100, SLC, UT 84114-6100 at 801-537-3300, or at ugs.utah.gov/sep/incentives/.
An individual may not claim this credit in a year, the individual claims the enterprise zone tax credit (nonrefundable credit, code 07) or recycling market development zone tax credit (nonapportionable nonrefundable credit, code 10).
A refundable credit is available to businesses providing a community investment project as defined in UC §63-38f-501 through UC §63-38f-503.
Obtain a certified copy of form TC-40TB, Targeted Business Income Tax Credit. Keep this form and all related documents with your records.
Contact the Governor's Office of Economic Development, 324 S State St, Suite 500, SLC, UT 84111 at 801-538-8804, goed.utah.gov/incentives/ enterprise_zones or email lprall@utah.gov for more information.
There is no form for this credit. Keep all related documents with your records.
A taxpayer who adopts in Utah a child who has a special need may claim a refundable credit of $1,000 for each special needs child adopted. This credit may only be claimed in the year the court issues the order granting the adoption.
To claim this credit, the child must meet one of the following conditions:
If you are a nonresident shareholder of an S corporation, you may claim a refundable credit for any Utah income tax paid by the S corporation on your behalf. The credit is equal to the total Utah withholding tax paid by the corporation multiplied by your share of ownership in the corporation.
If you have no other Utah source income, you may elect to forego the credit and not file a Utah income tax return. However, if you have other Utah source income, losses or credits, you must file a Utah return.
The nonresident shareholder withholding tax credit is claimed on form TC-40W, Part 3. The S corporation name and employer identification number must also be entered on this form. The total nonresident shareholder withholding tax is carried over to form TC-40, Utah Individual Income Tax Return, and entered on line 34. The TC-40W must be attached to this return.
Failure to complete the TC-40W, Part 3 with all required information when claiming Utah withholding tax from an S corporation may result in processing delays or the withholding tax credit being disallowed.
Keep the federal Schedule K-1 issued by the S corporation and all other related documents with your records. Do not attach them to your Utah return.
Note: Only one nonresident shareholding withholding credit may be claimed when filing the Utah return electronically. If you have more than one of these credits, your Utah return must be filed on paper.
Complete a TC-40W Part 2 and list each mineral production tax withholding form TC-675R and federal Schedule K-1 showing Utah withholding tax. The total Utah mineral production withholding tax listed on the TC-40W Part 2 must equal the amount entered on line 35.
Keep the copies of all TC-675Rs and federal Schedule K-1(s) with your records. Failure to complete the TC-40W, Part 2 with all required information when claiming Utah mineral withholding tax may result in processing delays or the mineral withholding tax credit being disallowed.
There is no form for this credit. Keep all related documents with your records.
The credit is 24.5 cents per gallon only for motor fuel and undyed diesel fuel purchased in Utah to operate stationary farm engines and self-propelled farm machinery used solely for commercial nonhighway agricultural use that was taxed at the time of purchase.
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, farming for personal use, etc.
Credit calculation: Gallons __________ x .245 = Credit __________
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 and used or consumed primarily and directly in a farming operation in Utah. The credit only applies if the purchase price of a tool is more than $250.
