59-5-304. Tax credit for mining exploration.
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Effective 1/1/2025
59-5-304. Tax credit for mining exploration.
(1)As used in this section:
(a)"Assigned tax credit certificate" means the same as that term is defined in Section 40-6-24 .
(b)"Eligible claimant" means a person:
(i)that is a claimant as defined in Section 40-6-24 and obtains a tax credit certificate; or
(ii)to which a person described in Subsection (1)(b)(i) assigns a tax credit certificate and that obtains an assigned tax credit certificate in accordance with Section 40-6-24 .
(c)"Tax credit certificate" means the same as that term is defined in Section 40-6-24 .
(2)For a taxable year beginning on or after January 1, 2027, an eligible claimant may claim a nonrefundable tax credit against severance tax otherwise due under Part 2, Mining Severance Tax, in an amount equal to the amount stated on:
(a)the tax credit certificate for the taxable year for an eligible claimant described in Subsection (1)(b)(i); or
(b)the assigned tax credit certificate for the taxable year for an eligible claimant described in Subsection (1)(b)(ii).
(3)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 (2).
Renumbered and Amended by Chapter 159 , 2025 General Session