A refundable credit is available to businesses providing a community investment project that includes one or more of the following criteria in addition to the normal operations of the business:
For more information, see Utah Code Sections 63M-1-501, 63M-1-502 and 63M-1-503.
A business applicant claiming this credit must file an application with the local zone administrator by June 1 of the tax year.
The business applicant must:
Note: You cannot claim this refundable credit in a year you have claimed the non-refundable Enterprise Zone Tax Credit or the non-refundable Recycling Market Development Zones Tax Credit.
When claiming the credit, complete form TC-40TB, Targeted Business Tax Credit, certified by the Governor's Office of Economic Development. Do not submit this with your return. Keep it with your tax records.
Enter the credit on Utah TC-40A, Part 5, using code 40.
Governor's Office of Economic Development
60 E South Temple, 3rd Floor
PO Box 146950
Salt Lake City, UT 84114-6950