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Form TC-40R Fillable Recycling Market Development Zone Tax Credit
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) 1 800 662 4335 if outside the Salt Lake area The address is 210 N 1950 W Salt Lake City Utah 84134 1 Add total credits allowed from PART B and PART C Enter sum on this line 1 Amount of tax credit carried forward first year 1 of the purchase price paid during the taxable year for machinery and 2 Amount of tax credit carried forward second year 2 Multiply your Utah tax by 40% ( 40) Non or part year residents receive 3 Amount of tax credit carried forward third year 3 Enter the smaller of the amounts on line 1 or line 2 This is your tax credit A taxpayer may not claim this credit or carry it forward into a year that the taxpayer has claimed the targeted A taxpayer may not claim this credit or carry it forward into a year the taxpayer has claimed the targeted business income Add together the " Total credit allowed " from PARTS B and C Multiply the amount of your Utah income tax by 40% ( 40) Address Amounts paid an apportioned credit Any unused amount of the total credit allowed under PART D line 3 attributable to purchases of qualified machinery and Applied to tax year: appropriate column Total all expenditures listed in PART C and multiply the total by 20% ( 20) If the amount is greater Authorized signature by GOED Title Date signed business tax credit or the enterprise zone credit Carryforward recycling market development zone credits shall be applied against Utah individual income tax corporate Certification by the Governor's Office of Economic Development: I certify the machinery and equipment purchased are integral to the composting City state zip code complete a new form each year you claim a carryforward credit composting technology in Utah up to a maximum credit of $2 000 credit for machinery and equipment Development authorizing this credit Do not enter more than $2 000 (see instructions) Do not send this form with your return Keep this form and all related documents with your records You must Do not send this form with your return Keep this form and all related documents with your records You must complete a during tax year earned in the current year and on a first earned first used basis Enter name and address information of taxpayer PART A must be signed by the Department of Community and Economic equipment under PART B may be carried forward three years equipment used directly in commercial composting or manufacturing facilities or plant units that manufacture recycled franchise or income tax or fiduciary tax due before the application of any recycling market development zone tax credits franchise or income tax or fiduciary tax if operating in a recycling market development zone as defined in Utah Code Get forms online tax utah gov http://goed utah gov/relocate/incentives/incentives recycling zones If you need additional information please contact the Utah State Tax Commission at 801 297 2200 or toll free IMPORTANT PLEASE READ inventory and utilities purchased items or reduce or reuse postconsumer waste material; and (b) 20 % of the net expenditures paid to third parties for rent List any machinery or equipment purchased and used directly in commercial composting or in manufacturing facilities or List expenditures for rent wages supplies tools test inventory and utilities and the amount of the expenditure in the List machinery and equipment purchased List rent wages paid supplies tools test Name of taxpayer claiming credit new Part D each year you claim a carryforward credit Non or part year residents must use the apportioned Utah tax Your Recycling Market Development Zone Tax Credit is the or recycling process of the taxpayer named in PART A of this form and the named company is located within the boundaries of a recycling zone PART A Taxpayer Information PART B Qualified Purchases PART C Qualified Expenditures PART D Credit Calculation PART E Credit Carryover plant units that manufacture process compound or produce recycled items for sale or reduce or reuse post consumer purchased Purchase price purchases of qualified machinery and equipment under PART B Indicate the amounts you are carrying forward along Recycling Market Development Zones Tax Credit Rev 3/12 Refer to the instructions for your INDIVIDUAL TAX (TC 40) CORPORATE TAX (TC 20 or TC 20S) PARTNERSHIP TAX (TC 65) or FIDUCIARY reverse side of this form for detailed instructions Section 63M 1102 The credit is equal to : (a) 5 % smaller of line 1 or line 2 TAX (TC 41) return to determine the amount of Utah tax and the line number on which you will record this credit The credit code is "10" for all returns tax credit or the enterprise zone tax credit Taxpayer's identification number (SSN or EIN) Taxpayers may carry forward for three years any of the unused total credit allowed in PART D line 3 that is attributable to TC 40R Telephone number than $2 000 only enter $2 000 The Governor's Office of Economic Development must sign and certify if you are seeking credit for machinery or equipment See the To approve this credit contact the Governor's Office of Economic Development 324 S State St Suite 500 Salt Lake City Total Credit Allowed Multiply total paid by 20% ( 20) Total Credit Allowed Multiply total purchases by 5% ( 05) Total Paid Add all amounts paid in PART C Total Purchases Add all purchases in PART B Utah 84111 telephone number 801 538 8804 For more information go to Utah Code 59 7 610 and 59 7 1007 allows a nonrefundable tax credit against individual income tax corporate Utah State Tax Commission wages supplies tools test inventory and utilities made by the taxpayer for establishing and operating recycling or waste material and enter the purchase price Add all purchases and multiply the total purchases by 5% ( 05) This is the with the appropriate years on lines 1 through 3 of PART E