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| Tax Year | |||||
|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | 2004 | Description | Code |
| X | – | – | – | Renewable Commercial Energy Systems | 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 | 43 |
| 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 |
This refundable credit is for the 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 hydroengery system, or a passive solar system. Credit is also allowed for a commercial system that uses wind, geothermal electricity, or biomass equipment
If an individual claims this credit, the individual may not claim an enterprise zone tax credit (nonrefundable credit, code 07) or recycling market development zone tax credit (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; telephone (801) 538-8804; goed.utah.gov/incentives/ enterprise_zones or email lprall@utah.gov to obtain form TC-40TB, certification or for additional 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:
Keep the federal Schedule K-1 issued by the corporation and all other related documents with your records. Do not attach to your Utah return.
If you are a Utah nonresident shareholder of an S corporation, you are entitled to a credit for any Utah income tax withheld and paid by the S corporation on your behalf.
Enter the amount of the withholding credit claimed. Also, enter the federal identification number of the S corporation in the space provided on TC-40S, Part 5 S. If you have Utah withholding credits from more than one S corporation, enter the federal identification number of the S corporation for which you are claiming the largest amount of withholding.
Enter the total of the mineral production tax withheld as shown on forms TC-675R or on federal Schedule(s) K-1 for the taxable year.
Attach copies of form TC-675R and/or federal Schedules K-1 to the return to receive proper credit. (Attach these forms with other W-2 and 1099 forms.)
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.
