Free 2008 TC-40V, Clean Fuel Vehicle Tax Credit - Utah

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Utah State Tax Commission

Clean Fuel Vehicle Tax Credit

TC-40V
Get forms online - tax.utah.gov

Rev. 7/08

Do not send this form with the return. Keep this form and all related documents with your records. Utah law allows a nonrefundable credit against individual, corporation, or fiduciary tax for the purchase or conversion of a vehicle that uses cleaner burning fuels. A separate form must be completed for each vehicle claimed. The credit may only be taken once per vehicle and must be certified and claimed in the taxable year in which purchased or converted. If the credit exceeds the tax liability for the year, the excess credit may be carried forward for up to five taxable years. See additional instructions on reverse side. NOTE: A electric-hybrid vehicle does not qualify for the clean fuel vehicle credit for tax years beginning after 2005.

Part A This section must be completed by the taxpayer
Taxpayer's name Address Vehicle Identification Number Indicate the following: 1. The vehicle is fueled by: Telephone number City Social security number or EIN State and ZIP code

Propane

Natural gas

Electricity

Other___________

The vehicle meets clean fuel vehicle standards in the federal Clean Air Act 2. Converted vehicle

(a vehicle manufactured OEM Vehicle to use a clean fuel)

Converted special mobile equipment
Column A OEM Vehicle Column B Conversion equipment $ $ Column C Conversion of special mobile equipment

Calculation of Clean Fuel Vehicle Credit (complete applicable column) 3. Incremental cost of vehicle or cost of conversion equipment 4. Multiply line 3 by .50 (50%) 5. Amount of any clean fuel or clean fuel conversion grant received 6. Subtract line 5 from line 4 7. Maximum credit allowed 8. Clean fuel vehicle credit (lesser of line 6 or line 7) Worksheet to Calculate Carryover of Excess Credit to Subsequent Years (if any) (subtract credit claimed 9. Carryover from original year from total of line 8 above) 10. First carryover year 11. Second carryover year 12. Third carryover year 13. Fourth carryover year 14. Fifth carryover year
$

$3,000

$2,500 Column B Credit claimed in carryover year $

$1,000 Column C Subtract current year Col. B from previous year Col. C $

Column A

Carryover year

No further carryover

Part B This section must be completed by the Division of Air Quality, Department of Environmental Quality
To the best of my knowledge and belief, the information contained in Part A above is true and correct. DEQ authorized signature (required) X Title Date signed DEQ original stamp of approval (required)

IMPORTANT - PLEASE READ The Air Quality certification signature may be obtained by mailing or presenting this form with the required documentation to Division of Air Quality, 150 North 1950 West, SLC, UT 84116, telephone 801-536-4000 or fax to 801-536-0085. IMPORTANT: Refer to the instructions for your Income (TC-40), Corporation (TC-20 or TC-20S), or Fiduciary (TC-41) tax return to determine the line number on which you will record this credit. The credit code is "05" for all returns. For further information regarding the tax credit, contact the Utah State Tax Commission at 801-297-2200 or if outside the Salt Lake area 1-800-662-4335.

2008 Instructions for the Clean Fuel Vehicle Tax Credit - TC-40V
Taxpayers may claim a nonrefundable tax credit against Utah individual income tax, corporate franchise tax or fiduciary tax. (See Utah Code section 59-7-605 and 59-10-1009) The credit may only be taken once per vehicle. It must be certified and claimed in the taxable year in which the item is purchased or converted. Column A - OEM Vehicles The credit is equal to 50 percent of the incremental cost* of a new vehicle minus any clean fuel grant received. The maximum credit is $3,000 per vehicle registered in Utah. The following conditions apply to the vehicle: 1. It is fueled by propane, natural gas, or electricity; 2. It is fueled by another fuel determined by the Air Quality Board to be as effective as the above listed fuels; or 3. It meets the clean fuel vehicle standards in the Clean Air Act; and 4. A previous owner did not take the same credit. *Incremental cost is the difference between the cost of a new vehicle and the cost of the same model without the clean fuel system. NOTE: An electric- hybrid vehicle does not qualify for the clean fuel vehicle credit for tax years beginning after 2005. Column B - Converted Vehicles The credit is equal to 50 percent of the cost of equipment for conversion minus any clean fuel conversion grant received. The maximum credit is $2,500 per vehicle registered in Utah. The following conditions apply to the vehicle: 1. It converts the vehicle to be fueled by propane, natural gas, or electricity; 2. It converts the vehicle to be fueled by another fuel determined by the Air Quality Board to be as effective the above listed fuels; or 3. It converts the vehicle to meet the clean fuel vehicle standards in the Clean Air Act. Column C - Converted Special Fuel Mobile Equipment Engines This credit is equal to 50 percent of the cost of equipment for conversion of a special mobile equipment engine minus any clean fuel conversion grant received. The maximum credit is $1,000 per special mobile equipment engine. The following conditions apply to the conversion: 1. It converts the engine to be fueled by propane, compressed natural gas, or electricity; 2. It converts the engine to be fueled by another fuel determined by the Air Quality Board to be as effective as the above listed fuels, or 3. It converts the engine to be substantially more effective in reducing air pollution than the fuel for which the engine was originally designed. Procedures 1. If you have purchased a qualifying vehicle or converted a vehicle or special mobile equipment engine, submit the required documentation with a completed form TC-40V to the Division of Air Quality. Complete information for obtaining clean fuel vehicle certification is located in the Utah Administrative Code as follows: R307-121-3: Demonstration of Eligibility for OEM Vehicles R307-121-4: Demonstration of Eligibility for Vehicle Converted to Clean Fuels R307-121-5: Demonstration of Eligibility for Special Mobile Equipment Converted to Clean Fuels 2. The taxpayer must receive certification from the Division of Air Quality. The credit is not valid unless both an authorized signature and certification stamp are present. 3. Complete the calculation of the credit in Part A. Carryover credits may be recorded on lines 9 through 14. 4. Refer to the return instructions to determine the line number on which to record this credit. The credit code is "05" for all returns. 5. Do not send this form with your return. Keep this form and all related documents with your records.