State R&D Tax Credits
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.