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Form Tc-40r - Recycling Market Development Zones Tax Credit

Form Tc-40r - Recycling Market Development Zones Tax Credit 2025

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The document outlines the Recycling Market Development Zones Tax Credit (TC-40R) provided by the Utah State Tax Commission. It details eligibility criteria, including restrictions on claiming the credit if other specific tax credits have been claimed. The form requires taxpayers to provide information about qualified purchases and expenditures related to recycling or composting operations, along with a certification from the Utah Department of Environmental Quality. The credit calculation process is explained, allowing for a maximum credit of $2,000, and unused credits can be carried forward for three years.

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Versions	Form popularity	Fillable & printable
2023	4.8 Satisfied (43 Votes)
2022	4.7 Satisfied (29 Votes)
2020	4.8 Satisfied (78 Votes)
2017	4 Satisfied (32 Votes)

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Can you get tax credits for recycling?

Personal income tax credit for investment in recycling facilities, machinery, or equipment. Amount of credit is equal to 3, 5, or 8 percent (based on tiers) of the qualified investment. Manufacturing industries. Recycling equipment sales tax reduction of between 0.5 and 4 percent.

Do you report recycling on taxes?

Yes, payments for waste disposal and/or recycling are payments for services, so they are reported on Form 1099-NEC (unless the payee is a corporation, or a tax-exempt organization, or a government, all of which are exempt recipients for this type of payment and are not reported on Forms 1099).

Can you get money for recycling in us?

Redemption centers for clothes, glass bottles, or scrap metal pay varying amounts from state to state. For example, in New York State, you can get 5 cents for every returned aluminum can, while Michigan offers 10 cents per can.

How do recycling credits work?

Plastic Credits: These are credits awarded to companies that recycle plastic waste, reducing the amount of plastic that ends up in landfills or the ocean. Paper Credits: These are credits awarded to companies that recycle paper waste, reducing the amount of trees cut down for paper production.