State R&D Tax Credits

Utah

Credit Name: Utah Code 59-10-1012. Tax credit for research activities

Expiration Date: None

Does it apply to C corps and pass-through entities?: Yes

Credit Carry forward: Credits can be carried forward 14 years for items (1) and (2) below. Credits generated from item (3) below cannot be carried forward.

Description: Nonrefundable credit, sum of the following: 1. 5% for excess QREs incurred in Utah for the current tax year above a base amount, 2. 5% of payments made to a qualified organization for basic research in Utah above a base amount, and 3. 7.5% of QREs for all tax years beginning on or after January 1, 2012

Other Notes: QREs are defined according to IRC section 41. Base amount is the same as the federal base amount only with Utah expenses. There is no tax form for this credit.