Tax credit for mining exploration

# (1)

As used in this section:

# (a)

"Assigned tax credit certificate" means the same as that term is defined in Section 40-6-24.

# (b)

"Eligible claimant" means a person:

(i) that is a claimant as defined in Section 40-6-24 and obtains a tax credit certificate; or

(ii) to which a person described in Subsection (1)(b)(i) assigns a tax credit certificate and that obtains an assigned tax credit certificate in accordance with Section 40-6-24.

# (c)

"Tax credit certificate" means the same as that term is defined in Section 40-6-24.

# (2)

For a taxable year beginning on or after January 1, 2027, an eligible claimant may claim a nonrefundable tax credit against severance tax otherwise due under Part 2, Mining Severance Tax, in an amount equal to the amount stated on:

# (a)

the tax credit certificate for the taxable year for an eligible claimant described in Subsection (1)(b)(i); or

# (b)

the assigned tax credit certificate for the taxable year for an eligible claimant described in Subsection (1)(b)(ii).

# (3)

An eligible claimant may carry forward to the next 15 taxable years the amount of the eligible claimant's tax credit that exceeds the amount described in Subsection (2).
Renumbered and