Utah R&D Tax Credit Filing Instructions

To claim the Research and Development (R&D) tax credit in Utah, businesses must engage in qualified research activities within the state, which largely align with the federal Section 41 definition of qualified research expenses (QREs). 1 While there isn’t a specific, standalone form solely for the R&D tax credit, the final credit amount is reported on Utah Form TC-40A, Income Tax Supplemental Schedule, Part 4, using code 12. 2 Businesses will need to calculate their credit based on either 5% of incremental QREs exceeding a base amount, 5% of certain incremental payments to qualified organizations for basic research, or 7.5% of total current-year QREs (though the 7.5% credit is not carried forward). It’s crucial to maintain thorough documentation supporting all qualified research activities and expenses, as these records will be necessary to substantiate the claim and in case of an audit. The R&D tax credit is non-refundable but can be carried forward for up to 14 years for the 5% incremental credits. The claim should be submitted with the business’s annual Utah state tax return.

Utah Patent of the Year – 2024/2025

Epitel Inc. has been awarded the 2024/2025 Patent of the Year for revolutionizing brain health monitoring. Their invention, detailed in U.S. Patent No. 11857330, titled ‘Systems and methods for electroencephalogram monitoring’, introduces a compact, wireless EEG system that enhances patient comfort and diagnostic accuracy.

Epitel’s innovative approach addresses the limitations of traditional EEG systems by utilizing small, disposable sensors that adhere securely to the scalp. These sensors wirelessly transmit brain activity data to mobile devices, enabling real-time monitoring without the constraints of bulky equipment or wires. This advancement is particularly beneficial for patients requiring continuous observation, such as those with epilepsy, as it allows for extended monitoring periods in various settings, including hospitals and at home.

The system’s design emphasizes ease of use, with intuitive setup processes and seamless integration with existing medical platforms. This ensures that healthcare providers can quickly adopt the technology without extensive training. Moreover, the wireless nature of the system reduces the risk of infection and enhances patient mobility during monitoring.

Epitel’s patented technology marks a significant step forward in neurodiagnostics, offering a more accessible and efficient means of monitoring brain activity. As the healthcare industry continues to embrace digital health solutions, innovations like Epitel’s wireless EEG system are paving the way for more personalized and timely patient care.