59-5-216.  Tax credit for mining exploration.

(1)  As used in this section:

Terms Used In Utah Code 59-5-216

(a)  “Eligible claimant” means a person:

(i)  who is an eligible claimant as defined in Section 40-6-24 and obtains a tax credit certificate; or

(ii)  to whom a person described in Subsection (1)(a)(i) assigns a tax credit certificate and obtains an assigned tax credit certificate in accordance with Section 40-6-24.

(b)  “Tax credit certificate” means the same as that term is defined in Section 40-6-24.

(2)  Subject to Subsection (3), an eligible claimant may claim a nonrefundable tax credit against severance tax otherwise due under this part in an amount equal to the amount stated on the tax credit certificate for the taxable year.

(3)  An eligible claimant may not claim in any taxable year a credit under this section that exceeds 30% of the eligible claimant’s severance tax liability for the taxable year.

(4)  An eligible claimant may carry forward to the next 15 taxable years the amount of the eligible claimant’s tax credit that exceeds the amount described in Subsection (3).

Enacted by Chapter 108, 2022 General Session

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