Free 2001 TC-40LI - Utah

Utah State Tax Commission

Summary of Utah Low-Income Housing Tax Credit
The Utah Legislature has authorized a nonrefundable tax credit for use against individual income tax, corporate franchise tax or fiduciary tax, for owners of low-income housing projects that have received an allocation of the federal low-income housing credit. Taxpayers claiming this credit must complete this form and attach it to their individual income tax, corporate franchise tax or fiduciary tax return. Taxpayers must also attach a form TC-40TCAC, Utah Low-Income Housing Tax Credit Allocation Certification, completed by the Utah Housing Corporation, for each building listed in Column B of this form. See procedures and instructions on the reverse side.
Name of taxpayer claiming credit Address of taxpayer claiming credit City State Taxpayer identification number Telephone number ZIP Code

TC-40LI
Rev. 12/01

Tax year ending

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

Column B
Building identification numbers (BIN)

Column C
Percentage of federal credit owned

Column D
Multiply Column C by line 2 form TC-40TCAC

Column E
Low-income housing credit per form K-1

Column F

Column G

Column H

Column I

Multiply line 4 form Divide Column E Percentage of state Utah Low-Income Housing Tax Credit TC-40TCAC by Column F by Column D (Multiply Column G by Column H) credit owned

% $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $

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

% $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $

% $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $

IMPORTANT - PLEASE READ Refer to the instructions for your INCOME TAX (TC-40), CORPORATE TAX (TC-20 or TC-20S), or FIDUCIARY TAX (TC-41) return to determine the line number on which you will record this credit.

Total Credit Allowed $ (Sum column I) $

Credit available to carry back or carry forward (attach form TC-40LIC)

Total number of forms TC-40TCAC attached

General Procedures and 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. The Utah Housing Corporation must complete form TC-40TCAC. You must attach the original of this form (TC-40LI) and a copy of each form TC-40TCAC to your individual income tax, corporate franchise tax or fiduciary tax return to claim the 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 each of 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. Form TC-40LI and a copy of form TC-40LIC must be attached to returns where the carrybacks or carryforwards are applied. Taxpayers must keep copies of tax credit records in accordance with the Federal Low-Income Housing Tax Credit program. If you need further information, please contact the Utah State Tax Commission at (801) 297-2200 or toll free 1-800-662-4335 if outside the Salt Lake City area. Utah Housing Corporation, 554 South 300 East, SLC, UT, telephone (801) 521-6950. If you need an accommodation under the Americans with Disabilities Act, contact the Tax Commission at (801) 297-3811 or Telecommunication Device for the Deaf (TDD) (801) 297-3819. Please allow three working days for a response. 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: List the entity that owns the building(s) eligible for the low-income housing tax credit. List the Building Identification Number (BIN) Attach a copy of Form TC-40TCAC for each building. List the percentage of federal low-income housing allocated to you by the building owner. Multiply Columns 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.

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 amount in Column I is the amount of 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 forward five years or carried back three years.