You may claim a credit for the short-term and long-term capital gain on a transaction if:
- the transaction occurs on or after Jan. 1, 2008;
- at least 70 percent of the gross proceeds of the transaction are used to buy stock in a qualified Utah small business corporation within 12 months from when the capital gain transaction occurred; and
- you did not have an ownership interest in the qualified Utah small business corporation at the time of investment.
| Calculation of Capital Gain Transactions Credit | |
|---|---|
| 1. Eligible capital gain | $ |
| 2. Multiply line 1 by 4.65% (.0465). This is your credit. | $ |
| Enter this amount on TC-40A, Part 3, using code 04. | |
There is no form for this credit. Keep all related documents with your records.
Note: You may not carry forward or back any credit that is more than your tax liability.