Source: https://www.andretaxco.com/utah-rdcredit
Timestamp: 2020-07-16 14:53:42
Document Index: 67482039

Matched Legal Cases: ['§41', '§41', '§41', '§41', '§41', '§41']

Utah R&D Tax Credit | AndreTaxCo, PLLC
Utah offers a tax credit for research activities conducted in Utah, detailed within Utah Code Section 59-10-1012. The Utah R&D Tax Credit is a non-refundable tax credit available to taxpayers with qualifying research expenditures in Utah. The Utah R&D Tax Credit mirrors the federal Section 41 Credit for Increasing Research activities with a few exceptions.
UT R&D Credit Summary
Utah R&D tax credit is the sum of:
5% of qualified research expenses in Utah for the current tax year that exceed a base amount;
5% of payments made to a qualified organization for basic research (as provided in IRC §41(c)) in Utah for the current taxable year that exceed a base amount; and
7.5% of qualified research expenses for the taxable year.​
There are two methods to calculate the base amount: Regular Credit (RC) and Alternative Simplified Credit (ASC) method. The base amount is calculated as provided in IRC §41(c) and IRC §41(h), except that:
it does not include the alternative incremental credit provided for in IRC §41(c)(4);
for purpose of calculating the base amount, a taxpayer may make an irrevocable election to be treated as a start-up company regardless of whether the taxpayer meets the requirements of IRC §41(c)(3)(B)(i)(I) or IRC §41(c)(3)(B)(i)(II).
Deadline for Tax Filing: Due with Utah Tax Return
Claim Period Utah QREs
Utah QREs for Prior 3 Years
Utah Gross Receipts for Prior 4 Years
5% of qualified research expenses in Utah for the current tax year that exceed a base amount
"5% of Payments" may be carried forward as a credit for the next 14 taxable years
5% of payments made to a qualified organization for basic research in Utah for the current taxable year that exceed a base amount
7.5% of qualified research expenses for the taxable year.
Any unused credit under the 7.5% QRE amount may not be carried forward.
Utah STC