State of Utah Governor's Office of Economic Development

Technology and Life Science Investment Tax Credit

Page 1

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The Technology and Life Science Investment Tax Credit program is available to qualifying investments in qualifying life science establishments. The purpose of the tax credit is to encourage investment in Utah's life science businesses and to create jobs.

 

Prior to starting this application, please confirm that your investment is eligible to apply for the tax credit base on the following eligibility requirements: 

  • the investment is made in a "life science establishment" (bio-technologies, medical devices, diagnostics, pharmaceuticals)
  • the "life science establishment" qualifies as a small business per the SBA standards
  • the "life science establishment" has at least 50% of their employees in the state
  • the investment is at least $25,000
  • the applicant owns less than 30% of the "life science establishment"
  • the investment would not have taken place without the investment tax credit
  • Other criteria set forth in Utah Code, Rule, and Policy. 

If all the eligibility requirements are met, then an applicant may be considered for the tax credit as outlined below:


Technology and Life Science Investment Tax Credit

A tax credit for up to 35% of the purchase price of the qualifying ownership interest over a 3 year term. 

  • Year 1 - 10%
  • Year 2 - 10%
  • Year 3- 15%


Instructions

  1. Fill out the application.
  2. Eligibility will be confirmed and reviewed.
  3. Carefully read each question and provide accurate answers.
  4. Your application must be accompanied by documentation that supports your submission. 

 

Please contact Thomas Wadsworth, twadsworth@utah.gov with any questions or concerns regarding the Technology and Life Science Investment Tax Credit program. Please contact Jaron Janson, jjanson@utah.gov, for technical assistance with this portal.

Page 2 - General Information

Input your address and business information below. 

Investor Contact Information - All Questions are Required
This is the company name on your Utah state tax return. If you are claiming this credit on your individual income tax return please use your name here.
If you are claiming this credit on your individual income tax return please use your Social Security number here.
Investor Preferred Mailing Address
Life Science Establishment (Company Receiving Investment) Specific Data All Questions are Required

 This code will determine if the company is eligible for certain types of credits in this application.
Life Science Establishment Mailing Address

Page 3 - Investor Overview






Page 4 - Life Science Establishment (Company Recieving Investment) Overview

Company Overview







Economic Impact










Page 5 - Investment Overview




Page 6- Documents and Certification