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Utah Free Printable TC-40R, Recycling Market Development Zones Tax Credit for 2021 Utah Recycling Market Development Zone Tax Credit

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Recycling Market Development Zone Tax Credit
TC-40R, Recycling Market Development Zones Tax Credit

Clear form Utah State Tax Commission Recycling Market Development Zones Tax Credit TC-40R Get forms online - tax.utah.gov Rev. 6/20 A taxpayer may not claim this credit or carry it forward into a year the taxpayer has claimed the targeted business income tax credit or the enterprise zone tax credit. The Utah Department of Environmental Quality (DEQ) must sign and certify if you are seeking credit for machinery or equipment. See the reverse side of this form for detailed instructions. Do not send this form with your return. Keep this form and all related documents with your records. You must complete a new Part E each year you claim a carryforward credit. PART A - Taxpayer Information Name of taxpayer claiming credit Taxpayer's identification number (SSN or EIN) Address Telephone number City, state, zip code PART B - Qualified Purchases Date purchased List machinery and equipment purchased Purchase price $ $ $ Total Purchases - Add all purchases in PART B Total Credit Allowed - Multiply total purchases by 5 percent (.05) PART C - Qualified Expenditures List rent, wages paid, supplies, tools, test inventory, and utilities purchased Date paid Amounts paid during tax year List rent, wages paid, supplies, tools, test inventory, and utilities purchased Date paid Amounts paid during tax year $ $ $ $ $ $ Total Paid - Add all amounts paid in PART C Total Credit Allowed - Multiply total paid by 20 percent (.20) Do not enter more than $2,000 (see instructions) PART D - DEQ Certification To be signed by an authorized agent of the Department of Environmental Quality. I certify that: 1) the taxpayer named in PART A of this form and the named company is located within the boundaries of a recycling zone, 2) the machinery and equipment listed in PART B are integral to the company’s composting or recycling process, and 3) payments listed in PART C support the company’s establishment or operation of recycling or composting technology in Utah. Authorized signature by DEQ Title Date signed PART E - Credit Calculation 1. Add total credits allowed from PART B and PART C. Enter sum on this line ............................................. 1 $ 2. Multiply your Utah tax by 40 percent (.40). Non or part-year residents receive an apportioned credit....... 2 3. Enter the smaller of the amounts on line 1 or line 2. This is your tax credit ............................................... 3 $ IMPORTANT: See the instructions for your INDIVIDUAL TAX (TC-40), CORPORATE TAX (TC-20 or TC-20S), PARTNERSHIP TAX (TC-65) or FIDUCIARY TAX (TC-41) return to determine the amount of Utah tax and the line number on which to record this credit. The credit code is “10” for all returns. PART F - Credit Carryover Any unused amount of the total credit allowed under PART E, line 3, attributable to purchases of qualified machinery and equipment under PART B, may be carried forward three years. Applied to tax year: 1. Amount of tax credit carried forward - first year.......................................... 1 $ ................ 2. Amount of tax credit carried forward - second year.................................... 2 ................ 3. Amount of tax credit carried forward - third year ........................................ 3 ................ A taxpayer may not claim this credit or carry it forward into a year that the taxpayer has claimed the targeted business tax credit or the enterprise zone credit. Utah Code §§59-7-610 and 59-10-1007 allow a nonrefundable tax credit against individual income tax, corporate franchise or income tax, or fiduciary tax if operating in a recycling market development zone, as defined in Utah Code §19-13-102. The credit is equal to : (a) 5 percent of the purchase price paid during the taxable year for machinery and equipment used directly in commercial composting, or manufacturing facilities or plant units that manufacture recycled items or reduce or reuse post-consumer waste material; and (b) 20 percent of the net expenditures paid to third parties for rent, wages, supplies, tools, test inventory, and utilities made by the taxpayer for establishing and operating recycling or composting technology in Utah, up to a maximum credit of $2,000. PART A - TAXPAYER INFORMATION Enter name and address information of taxpayer. PART B - QUALIFIED PURCHASES List any machinery or equipment purchased and used directly in commercial composting or in manufacturing facilities or plant units that manufacture, process, compound or produce recycled items for sale or reduce or reuse post consumer waste material, and enter the purchase price. Add all purchases and multiply the total purchases by 5 percent (.05). This is the credit for machinery and equipment. PART C - QUALIFIED EXPENDITURES List expenditures for rent, wages, supplies, tools, test inventory and utilities, and the amount of the expenditure in the appropriate column. Total all expenditures listed in PART C and multiply the total by 20 percent (.20). If the amount is greater than $2,000, only enter $2,000. PART D - DEQ CERTIFICATION You may not claim this tax credit unless an authorized agent of the Department of Environmental Quality has signed this form. PART E - CREDIT CALCULATION Add together the "Total credit allowed" from PARTS B and C. Multiply the amount of your Utah income tax by 40 percent (.40). Non or part-year residents must use the apportioned Utah tax. Your Recycling Market Development Zone Tax Credit is the smaller of line 1 or line 2. A pass-through entity must pass through the credit to its pass-through entity taxpayers. Give a copy of this form to each pass-through entity taxpayer with that pass-through entity taxpayer’s share of the credit entered on Part E, line 1. The pass-through entity taxpayer will then calculate the credit they are eligible to take by completing lines 2 and 3 using their return information. PART F - CREDIT CARRYOVER Taxpayers may carry forward for three years any of the unused total credit allowed in PART E, line 3, that is attributable to purchases of qualified machinery and equipment under PART B. Indicate the amounts you are carrying forward, along with the appropriate years, on lines 1 through 3 of PART F. Carryforward recycling market development zone credits are applied against Utah individual income tax, corporate franchise or income tax or fiduciary tax due before the application of any recycling market development zone tax credits earned in the current year and on a first-earned, first-used basis. Do not send this form with your return. Keep this form and all related documents with your records and provide to the Tax Commission upon request. You must complete a new form each year you claim a carryforward credit. To get this approval for this credit, contact: Utah Department of Environmental Quality Division of Waste Management and Radiation Control 195 North 1950 West, 2nd Floor Salt Lake City, UT 84116 801-536-0200 deq.utah.gov/waste-management-and-radiation-control/solid-waste-program For more information, email [email protected], or call 801-297-2200 or 1-800-662-4335.
Extracted from PDF file 2020-utah-form-tc-40r.pdf, last modified March 2003

More about the Utah Form TC-40R Individual Income Tax Tax Credit TY 2020

Recycling Market Development Zone Tax Credit

We last updated the Recycling Market Development Zone Tax Credit in April 2021, so this is the latest version of Form TC-40R, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form TC-40R directly from TaxFormFinder. You can print other Utah tax forms here.

Other Utah Individual Income Tax Forms:

TaxFormFinder has an additional 55 Utah income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form TC-40 Utah Individual Income Tax Return
Form TC-547 Individual Income Tax Return Payment Coupon
Form TC-546 Individual Income Tax Prepayment Coupon (This is NOT an extension form)
Form TC-40W TC-40 Withholding Schedules
Form TC-40B Schedule B - Non or Part-year Resident Utah Income Schedule

Download all UT tax forms View all 56 Utah Income Tax Forms


Form Sources:

Utah usually releases forms for the current tax year between January and April. We last updated Utah Form TC-40R from the State Tax Commission in April 2021.

Show Sources >

Form TC-40R is an Utah Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Utah Form TC-40R

We have a total of ten past-year versions of Form TC-40R in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2019 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2018 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2017 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2016 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2015 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

Recycling Market Development Zone Tax Credit 2014 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

Recycling Market Development Zone Tax Credit 2013 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2012 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit

2011 Form TC-40R

TC-40R, Recycling Market Development Zones Tax Credit


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