Utah Code Title 59. Revenue and Taxation § 59-5-216. Tax credit for mining exploration

(1) As used in this section:

(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).