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California Low-Income Housing Credit
Extracted from PDF file 2023-california-form-3521.pdf, last modified January 2024Low-Income Housing Credit
TAXABLE YEAR 2023 CALIFORNIA FORM Low-Income Housing Credit 3521 Attach to your California tax return. Name(s) as shown on your California tax return □ SSN or ITIN □ CA Corporation no. □ FEIN Building identification number (BIN). If more than one building, attach a list of all BINs for this credit. California Secretary of State (SOS) file number Part I Available Credit 1 Has the eligible basis of any project or building decreased since you received form CTCAC 3521A from the California Tax Credit Allocation Committee? □ Yes □ No If “Yes,” complete Part III before continuing. See General Information C. 2 Current year credit. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Enter any affiliated corporation or pass-through low-income housing credits from other entities below. See instructions. (a) Name of entity passing through the credit (b) Identification numbers – California corporation, FEIN, etc. (c) BIN 00 If you are a Current year low-income housing credits from (d) Total amount of affiliated corporation or pass-through credit(s) Corporation FTB 3521, line 10 of the affiliated corporation 00 S corporation shareholder Schedule K-1 (100S), line 13a 00 Beneficiary Schedule K-1 (541), line 13d 00 Partner or LLC member Schedule K-1 (565 or 568), line 15b 00 Total pass-through low-income housing credit. Add the amounts in column (d) . . . . . . . . . . . . . . . . . . . . . . 3 00 4 Current year low-income housing credit. Add line 2 and line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 00 5 Enter the amount of low-income housing credit on line 4 that is from passive activities. If none of the amount on line 4 is from passive activities, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 00 6 Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 00 7 Enter the allowable low-income housing credit from passive activities. See instructions . . . . . . . . . . . . . . . . 7 00 8 Low-income housing credit carryover from prior year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 00 9 Add line 6 through line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 00 10 Corporations only: Amount of low-income housing credit allocated to affiliated corporations. See instructions. Corporation name California corporation number Amount of credit allocated Total amount of low-income housing credit allocated. If you are not a corporation, enter -0- . . . . . . . . . . . . . 10 00 11 Total available low-income housing credit. Subtract line 10 from line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 00 For Privacy Notice, get FTB 1131 EN-SP. 7301233 FTB 3521 2023 Side 1 Part II Carryover Computation 12 a Credit claimed. Enter the amount of the credit claimed on the current year tax return. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12a (Do not include any assigned credit claimed on form FTB 3544, Part B.) 00 12 b Total credit assigned. Enter the total amount from form FTB 3544, Part A, column (g). If you are not a corporation, enter -0-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12b 00 13 Credit carryover available for future years. Add line 12a and line 12b, subtract the result from line 11 . . . . 13 00 Part III Basis Recomputations. Complete this part only if the basis in a project or building has decreased. Use additional sheets if necessary. (a) (b) (c) Building 1 Building 2 Total 14 Date building was placed in service (month/year) . . . . . . . . . . . 14 15 BIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Eligible basis of building. See General Information C . . . . . . . . 16 17 Low-income portion (lesser of unit percentage or floor-space percentage). See instructions . . . . . . . . . . . . . . . . . 17 18 Qualified basis of low-income building. Multiply line 16 by line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Applicable percentage. See General Information B . . . . . . . . . . 19 20 Multiply line 18 by line 19. See Specific Line Instructions for Part I, line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Side 2 FTB 3521 2023 7302233
2023 California Form 3521 Low-Income Housing Credit
More about the California Form 3521 Individual Income Tax Tax Credit TY 2023
We last updated the Low-Income Housing Credit in February 2024, so this is the latest version of Form 3521, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 3521 directly from TaxFormFinder. You can print other California tax forms here.
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Form Sources:
California usually releases forms for the current tax year between January and April. We last updated California Form 3521 from the Franchise Tax Board in February 2024.
Form 3521 is a California Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of California Form 3521
We have a total of thirteen past-year versions of Form 3521 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 3521
2023 California Form 3521 Low-Income Housing Credit
2022 Form 3521
2022 Form 3521 - Low-Income Housing Credit
2021 Form 3521
2021 California Form 3521 Low-Income Housing Credit
2020 Form 3521
2020 Form 3521 Low-Income Housing Credit
2019 Form 3521
2019 California Form 3521 Low-Income Housing Credit
2018 Form 3521
2018 Form 3521 - Low-Income Housing Credit
2017 Form 3521
2017 Form 3521 - Low-Income Housing Credit
2016 Form 3521
2016 Form 3521 Low-Income housing Credit
2015 Form 3521
2015 Form 3521 -- Low-Income Housing Credit
2014 Form 3521
2014 Form 3521 -- Low-Income Housing Credit
2013 Form 3521
2013 Form 3521 -- Low-Income Housing Credit
2012 Form 3521
2012 Form 3521
2011 Form 3521
2011 Form 3521 -- Low-Income Housing Credit
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