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For a Utah net loss carried forward to a taxable year beginning on or after January 1, 2023, the amount of Utah net loss that a taxpayer may carry forward to a taxable year may not exceed 80% of Utah taxable income calculated before deducting any Utah net loss from Utah taxable income.

Special Use Permits: In certain cases, you may be able to obtain a special use permit or variance from local authorities to build a house on agricultural land. These permits are often granted when you can prove that your project will not harm the agricultural character of the area.

If you build a home on Greenbelt property, subdivide the property, no longer graze the property or raise crops, if there is an acreage change that drops the acreage below the five acre requirement, etc., property is billed a Rollback Tax.

The Utah Farmland Assessment Act ( FAA , also called the Greenbelt Act) Allows qualifying Agricultural property to be taxed based upon its productive capability instead of the market value.

Although described as countryside in the NPPF, most green belt land is privately owned, and very little is open to public access. Agricultural and some industrial development is still allowed on green belt land, including large buildings for agricultural use and the extraction of minerals.

Net Operating Losses may be carried forward but may only be applied against up to 80% of the receiving year's income. To carry a loss forward report the amount of loss you wish to have applied on the TC-20 Schedule A, Line 16.

Every C corporation incorporated in Utah (domestic), qualified in Utah (foreign), or doing business in Utah, whether qualified or not, must file a corporate franchise tax return.

A copy of the IRS letter of authorization, “Notice of Acceptance as an S Corporation,” must be at- tached to the S Corporation Franchise or Income Tax Return, TC-20S, when filing for the first time. and Tax Commission Master File Maintenance 210 N 1950 W Salt Lake City, UT 84134.

You may request a waiver online or by filing a written application with supporting documentation. You must show a good reason why the Tax Commission should waive or reduce any penalties or interest. You have a right to appeal if we deny your request.