Free 2002 TC-40LIS - Utah

Utah State Tax Commission

Credit Share Summary of Low-Income Housing Project

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TC-40LIS
Rev. 12/02

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 income tax, corporate franchise tax or fiduciary tax return. See instructions on back.

Name of building owner Address of building City

Building owner's identification number Building identification number (BIN) State ZIP Code Tax year ending

Column A
Taxpayer

Column B
Taxpayer Identification Number

Column C
Percentage of Federal Credit Owned

Column D
Percentage of state Credit Owned

Utah low-income housing tax credit (multiply Column D by line 4 of form TC-40TCAC)

Column E

% % % % % % % % % % % % % % % % % % % % % %

% % % % % % % % % % % % % % % % % % % % % %

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Total Credit $
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General Procedures and Instructions
The building owner must complete this form each year identifying the taxpayers who will share in the low-income housing project tax credit. The building owner determines the allocation of the credit to be taken by each taxpayer in the building project. The building owner must attach this form to his/her Utah individual income tax, corporate franchise tax or fiduciary tax return. If the owner is a partnership, S corporation, estate or trust (flow-through entity), the entity will complete and attach this form to its return. 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: Column B: Column C: Column D: Column E: List each individual or entity who will share in the low-income housing project tax credit. If the taxpayer in Column A is an individual enter their social security number. All others, enter their employer identification number. 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. 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. 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.