Solar Energy Systems Phase-Out: The maximum Renewable Residential Energy Systems Credit for solar power systems installed in 2022 is $800
Utah Tax Rate: Utah Legislature passed SB 59, for tax year 2022, lowering the the individual income tax rate from 4.95% to 4.85%.
Earned Income Tax Credit: The passing of SB 59 also created the Earned Income Tax Credit for Utah. This state credit allows you to claim 15% of the federal earned income credit. If you do not qualify for the federal credit, you will not qualify for the Utah credit.
Tax paid on behalf of a pass-through entity taxpayer: The 2022 Utah legislature passed HB 444, which allows a passthrough entity to pay tax on behalf of a pass-through entity taxpayer. Bill HB 444 created an addition to income and a nonrefundable tax credit.
Payroll Protection Program (PPP) Grant or Loan Addback: In certain situation, you must add the amount of PPP grants or loans forgiven in 2022 to your income.
For more information regarding these changes, please see TC-40 Instructions.