Utah § 59-5-304 - Tax credit for mining exploration.

Full text of Utah Utah Code § 59-5-304 — Tax credit for mining exploration., with citation guidance and answers to common questions.

§ 59-5-304. Tax credit for mining exploration.

Effective 1/1/2025
59-5-304.  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 Amended by Chapter 159, 2025 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 59-5-304

What does Utah Code § 59-5-304 cover?

Section 59-5-304 ("Tax credit for mining exploration.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 59-5-304?

A common citation format is "Utah Code § 59-5-304" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 59-5-304 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.