Utah Summary of Utah Low-Income Housing Tax Credit

Summary of Utah Low-Income Housing Tax Credit
TC-40LI, Summary of Utah Low-Income Housing Tax Credit
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Utah State Tax Commission

Summary of Utah Low-Income Housing Tax Credit

Get forms online - tax.utah.gov

TC-40LI
Rev. 6/20

Utah law allows a nonrefundable tax credit for low-income housing projects that have received the federal low-income housing credit.
Do not send this form with your return. Keep this form and all related documents with your records. You must also keep form TC-40TCAC, Utah
Low-Income Housing Tax Credit Allocation Certification, completed by the Utah Housing Corporation, for each building listed in Column B, below. See instructions
on the next page.

Name of taxpayer claiming credit

Taxpayer identification number

Address

Telephone number
ZIP Code

State

City

Tax year ending

Summary Worksheet of State Low-Income Housing Tax Credit Allowed
Column A
Name of building owner

Column B
Building identification
number (BIN)

Column C

Column E

Column D

Column F

Column G

Column H

Column I

Low-income housing Divide Column E Multiply line 4 of form
Percentage of state Utah Low-Income Housing Tax Credit
Percentage of federal Multiply Column C by
(Multiply Column G by Column H)
credit owned
line 2 form TC-40TCAC credit per schedule K-1 by Column D TC-40TCAC by Column F
credit owned

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IMPORTANT - PLEASE READ
See the Utah tax return instructions to determine how to claim this credit.
The credit code is "08".

$

Total Credit Allowed $
(Sum column I)
Credit available to carry back or carry forward

$

Total number of forms TC-40TCAC

General Instructions

Owners of low-income housing projects may take a nonrefundable credit against their individual income tax, corporate franchise tax or fiduciary tax in an amount
determined by the Utah Housing Corporation. Any owner of a low-income project that has received an allocation of the federal low-income housing tax credit and
any applicant for an allocation of the federal low-income housing credit may apply to the Utah Housing Corporation for this tax credit.
Credit amounts greater than the Utah tax liability in the tax year in which the credit is earned following allocation by the Utah Housing Corporation may be carried
back three years or may be carried forward to the following five taxable years. For detailed instructions regarding the carryback or carryforward of this credit,
please see form TC-40LIC, Utah Low-Income Housing Tax Credit Carryback and/or Carryforward.
Do not send this form with your return. Keep this form and all related documents with your records. You must complete a new form each year you
claim a carryback or carryforward credit. You must also keep a copy of each form TC-40TCAC provided by Utah Housing Corporation.
Worksheet Instructions: This form is to be completed for the tax year in which the credit is allowed.
Column A:

List the entity that owns the building(s) eligible for the low-income housing tax credit.

Column B:

List the Building Identification Number (BIN). Keep a copy of Form TC-40TCAC for each building.

Column C:

List the percentage of federal low-income housing credit allocated to you by the building

Column D:

Multiply Column C by Line 2 of Form TC-40TCAC.

Column E:

Amount of federal low-income housing credit actually taken.

Column F:

Divide Column E by Column D. Do not enter more than 100%.

Column G: Multiply Column F by Line 4 Form TC-40TCAC.
Column H: List the percentage of state low-income housing credit owned.
Column I:

Multiply Column G by Column H. The sum of the amounts in Column I is the credit that can be taken.
Enter the amount of credit applied against tax in the current year. This amount may not exceed your Utah tax liability in the current year.

Credit Available to Carryforward or Carryback:
Subtract the credit used in the current year from the total credit
allowed. This is the amount that may be carried back three years and forward five years.
For more information, see utahhousingcorp.org, or call 801-297-2200 or 1-800-662-4335.
If you need an accommodation under the Americans with Disabilities Act, email [email protected], or call 801-297-3811 or TDD 801-297-2020.
Please allow three working days for a response.