Codes for Apportionable Nonrefundable Credits, TC-40A Part 3

04 Capital gain transactions credit

18 Retirement credit

20 my529 credit

23 Health benefit plan credit

26 Gold and silver coin sale credit

AH Social Security benefits credit

AJ Military retirement credit

AM Earned income tax credit

AS Nonrefundable adoption expenses credit

AT Child tax credit

AW Employer-provided childcare construction credit

AX Employer-provided childcare expenses credit

Keep all related documents with your records. You may have to provide this information later to prove a credit claimed on your return.

Each apportionable nonrefundable credit is explained below.

(04) Capital Gain Transactions Credit (UCA §59-10-1022)

You may claim a credit for the short-term and long-term capital gain on a transaction if:

the transaction occurs on or after Jan. 1, 2008;

at least 70 percent of the gross proceeds of the transaction are used to buy stock in a qualified Utah small business corporation within 12 months from when the capital gain transaction occurred; and

you did not have an ownership interest in the qualified Utah small business corporation at the time of investment.