Utah Modifies Mining Exploration Tax Credit

The Utah Governor signed a law modifying the tax credit for mining exploration. The law includes, effective May 6, providing that certificates for the tax credit for mining exploration shall be issued by the Division of Oil, Gas, and Mining, subject to certain limitations, in an amount which is the lesser of 50 percent of the amount of certified expenditures minus any certified expenditures for which the division previously issued a tax credit certificate, or 30 percent of the claimant’s severance tax liability as a direct result of minerals produced from an eligible exploration activity for the taxable year, beginning ...