Commission to report modification or repeal of certain federal provisions -- Revenue and Taxation Interim Committee study. (1) (a) A taxpayer meeting the requirements of this section may claim the following nonrefundable tax credits: (i) a research tax credit of 5% of the taxpayer's qualified research expenses for the current taxable year that exceed the base amount provided for under Subsection (4); (ii) a tax credit for a payment to a qualified organization for basic research as provided in Section 41(e), Internal Revenue Code, of 5% for the current taxable year that exceed the base amount provided for under Subsection (4); and (iii) a tax credit equal to 7.5% of the taxpayer's qualified research expenses for the current taxable year. (b) Subject to Subsection (5), a taxpayer may claim a tax credit under: (i) Subsection (1)(a)(i) or (1)(a)(iii), for the taxable year for which the taxpayer incurs the qualified research expenses; or (ii) Subsection (1)(a)(ii), for the taxable year for which the taxpayer makes the payment to the qualified organization. (c) The tax credits provided for in this section do not include the alternative incremental credit provided for in Section 41(c)(4), Internal Revenue Code. (2) For purposes of claiming a tax credit under this section, a unitary group as defined in Section
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.