Changes announced to state income taxes

Deseret News

Published: Friday, Dec. 21 2012 12:04 p.m. MST

SALT LAKE CITY — The State Tax Commission has announced changes this year for Utah individual income taxes.

The form TC-40 is now three pages instead of two, as more information is needed to process the Utah return for those who use it.

The Utah law defining domicile or residency has changed. Also, an additional exemption for a dependent with a disability may be used in the calculation of the Taxpayer Tax Credit.

New credits include capital gains on the sale of gold and silver coins, the Recycling Market Development Zone Credit, and the Veteran Employment Tax Credit, a new credit for hiring a qualified recently deployed veteran.

In addition, the Credit for Increasing Research Activities in Utah has been reduced to 7.5 percent.

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My2Cents

Taylorsville, UT

I hope this gets challenged in court real soon, how can monetized money be called a capital gains? It's like saying if you have an earned income its a capital gain and will be taxed at 40-50%.

And I think is why this process has never More..

4:36 a.m. Dec. 22, 2012
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terra nova

Park City, UT

Well see, it works like this. If that $20 gold piece you picked up last year at the "buy gold its the end of the world" festival last year got used at the local 7-11 to buy a couple of cans of soda and a hot-dog, you don't have to pay More..

8:31 p.m. Feb. 9, 2013
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