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Utah R&D Tax Credits

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Utah R&D Tax Credits

Find out if you qualify for R&D tax credits in Utah and recharge your business.

Utah provides a Research and Development Credit which closely follows IRC § 41. The credit amount is a combination of the following calculations:

  1. 5% of your excess qualified research expenses (QREs) for research activities conducted in Utah over a comparative base amount;
  2. 5% of certain excess payments made to a qualified organization for basic research conducted in Utah over a comparative base amount; and
  3. 7.5% of your QREs in Utah for the current tax year.

Note: You may carry forward any credit for #1 or #2 (above) that exceeds your tax liability for 14 years. You may not carry forward any credit as calculated for #3.

Learn more about Utah's R&D Tax Credit law here and here.

R&D Tax Credit Available:

Yes

Eligible Entities:

C-Corporation, S-Corporations, LLCs, Partnerships

Deadline for Tax Filing:

Due with Utah Tax Return

Data Required to Compute Credit:

Claim Period Utah Qualified R&D Expenses (QREs)

Utah Gross Receipts for Prior 4 Years

What Information is needed?

Utah QREs for Prior 3 Years

Utah Gross Receipts for Prior 4 Years

Credit Carryforward?

14 Years for comparative credit amounts (No carryback)

The Utah R&D tax credit equals the sum of the following:

  • 5% of your excess qualified research expenses (QREs) for research activities conducted in Utah over a comparative base amount;
  • 5% of certain excess payments made to a qualified organization for basic research conducted in Utah over a comparative base amount; and
  • 7.5% of your QREs in Utah for the current tax year.

Specific Items to Note:

  • Regarding utilization, credits calculated as 7.5% of a taxpayer's current-year QREs may not be carried forward.
  • For the state of Utah, this is a non-refundable credit.
  • Utah's R&D Tax Credit is a permanent state credit and will not expire.
  • There is no official Utah form for this credit. The final credit amount gets reported on Form TC-40A (Part 4 - using code 12). Keep all related documents with your records.

Ready to calculate your R&D tax credits?

To get an estimate of the potential value of your unclaimed R&D Tax Credits, try out our credit calculator.

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Download our R&D Tax Credit Calculator for Android to see how much you can receive from your qualified R&D tax credit expenses.