Capital Gain Transactions (code 04)

UC §59-10-1022

You may claim a credit for the short-term and long-term capital gain on a transaction if:

  1. the transaction occurs on or after Jan. 1, 2008;
  2. 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
  3. 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.

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