Utah Credit Share Summary of Low-Income Housing Project

Credit Share Summary of Low-Income Housing Project
2008 TC-40LIS Credit Share Summary of Low-Income Housing Project
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Utah State Tax Commission

Credit Share Summary of Low-Income Housing Project

TC-40LIS
Get forms online - tax.utah.gov

Rev. 12/08

The building project owner uses this form to identify other taxpayers who will share in the low-income housing project tax
credit. The building owner must complete this form and attach it to his individual, corporate franchise, or fiduciary tax
return.
Name of building owner

Building owner’s identification number

Address of building

Building identification number (BIN)

City

State

ZIP Code
Tax year ending

Column A
Taxpayer

Column B
Taxpayer SSN or EIN

Column C

Column E

Column D

Percentage of Federal
Credit Owned

Utah Low-income Housing Tax Credit
(multiply Column D by line 4 of
form TC-40TCAC)

Percentage of Utah
Credit Owned

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Total Credit $

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General Procedures and Instructions
The building owner must:
1) complete this form each year identifying the taxpayers who will share in the low-income housing project tax credit;
2) allocate the credit to each taxpayer who will receive a share in the building project;
3) attach this form to his individual, corporate franchise, or fiduciary tax return; and
4) keep a copy of this form and all related documents with his tax records.

A separate form TC-40LIS must be completed for each building project in a multiple building project.
Worksheet Instructions: This form is to be completed for the tax year in which the credit is allowed.
Column A:

List each individual or entity who will share in the low-income housing project tax credit.

Column B:

If the taxpayer in Column A is an individual enter their social security number. All others, enter their
employer identification number.

Column C:

List the percentage of the federal low-income housing credit allocated to each individual or entity in
Column A. The building project owner determines this percentage. Column C should total 100 percent.

Column D:

List the percentage of the state low-income housing credit allocated to each individual or entity in Column
A. The building project owner determines this percentage. Column D should total 100 percent.

Column E: This is the amount of the state tax credit allocated to the taxpayer in Column A for the current year building
project. This amount is calculated by taking the percentage in Column D and multiplying it by the annual
state low-income housing tax credit shown on line 4 of form TC-40TCAC. Column E should total Line 4 of
form TC-40TCAC.