Research Tax Credit Utah: Key Benefits Explained

State Credit Name: Tax Credit for Research Activities

Expiration Date: Permanent

Who Can Apply? Corporations and flow-through entities

Credit Carry Forward: Unused credits can be carried forward 14 years, except credits calculated using 7.5% of a taxpayer’s QRE’s cannot be carried forward.

About the Credit: The definition of QRE’s in for the Utah state research credit is the same as the federal definition, except that the QRE’s must be incurred in Utah. The Utah credit is the sum of:

5% of a taxpayer’s qualified spending that exceed the base amount;
5% of payments made to qualified organizations for basic research in Utah that exceed the base amount; and
7.5% of QRE’s for the taxable year.

Notes: Gross receipts are only those attributable to sources within Utah.

Click here to find out if you qualify for the federal research credit.

Swanson Reed in Utah provides R&D tax credit consulting and advisory services to Salt Lake City, West Valley City, Provo, West Jordan, Orem, Sandy, Ogden, St. George, Layton, Taylorsville, South Jordan, Logan, Lehi, Murray, Bountiful, Draper, Riverton, Roy, Spanish Fork and Herriman.

If you have any questions or need further assistance, please call us on (800) 986 4725.

Feel free to book a quick teleconference with one of R&D tax specialists at a time that is convenient for you, if you would like to learn more about R&D tax credit opportunities.

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