The credit is for expenses incurred for increasing qualified research activities in Utah. A qualifying taxpayer may claim the credit in the taxable year immediately following the taxable year for which the taxpayer qualifies for the credit. The credit is nonrefundable, meaning it may not exceed the tax due for the year, but any excess credit may be carried forward for 14 years.
A qualifying taxpayer may take the following nonrefundable credits for research activities in Utah:
For detailed information regarding this credit, including definition of terms and procedures for claiming the credit, refer to UC §59-10-1012.
The credit is for machinery, equipment, or both used primarily for conducting qualified research or basic research in Utah for not less than 12 consecutive months. A qualifying taxpayer may claim the credit in the taxable year immediately following the taxable year for which the taxpayer qualifies for the credit. Any excess credit may be carried forward for 14 years. A qualifying taxpayer may take the following nonrefundable credits:
For detailed information regarding this credit, including definition of terms and procedures for claiming the credit, refer to UC §59-10-1013.