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Utah Free Printable TC-40LI, Summary of Utah Low-Income Housing Tax Credit for 2019 Utah Summary of Utah Low-Income Housing Tax Credit

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

Clear form Utah State Tax Commission TC-40LI Summary of Utah Low-Income Housing Tax Credit Get forms online - tax.utah.gov Rev. 12/10 Utah law allows a nonrefundable tax credit against individual income tax, corporate franchise or income tax or fiduciary tax for owners of low-income housing projects that have received an allocation of the federal low-income housing credit. Do not send this form with your return. Keep this form and all related documents with your records. Taxpayers 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 of this form. See procedures and instructions on the reverse side. 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 % $ % $ % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % $ $ 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. The credit code is "08" for all returns. Total Credit Allowed $ (Sum column I) Credit available to carry back or carry forward $ Total number of forms TC-40TCAC 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. 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. If you need further information, see the Utah Housing Corporation's website at utahhousingcorp.org or contact the Utah State Tax Commission at 801-297-2200 or toll free 1-800-662-4335 if outside the Salt Lake City area. If you need an accommodation under the Americans with Disabilities Act, call us at 801-297-3811 or Telecommunication Device for the Deaf (TDD) 801-297-2020. Please allow three working days for a response.
Extracted from PDF file 2018-utah-form-tc-40li.pdf, last modified March 2003

More about the Utah Form TC-40LI Individual Income Tax Tax Credit TY 2018

We last updated the Summary of Utah Low-Income Housing Tax Credit in February 2019, so this is the latest version of Form TC-40LI, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form TC-40LI directly from TaxFormFinder. You can print other Utah tax forms here.

Related Utah Individual Income Tax Forms:

TaxFormFinder has an additional 55 Utah income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Utah Form TC-40LI.

Form Code Form Name
Form TC-40LIC Utah Low-Income Housing Tax Credit Carryback and/or Carryforward
Form TC-40LIS Credit Share Summary of Low-Income Housing Project

Download all UT tax forms View all 56 Utah Income Tax Forms


Form Sources:

Utah usually releases forms for the current tax year between January and April. We last updated Utah Form TC-40LI from the State Tax Commission in February 2019.

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Form TC-40LI is an Utah 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 Utah Form TC-40LI

We have a total of eight past-year versions of Form TC-40LI in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form TC-40LI

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

2017 Form TC-40LI

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

2016 Form TC-40LI

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

2015 Form TC-40LI

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

Summary of Utah Low-Income Housing Tax Credit 2014 Form TC-40LI

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

Summary of Utah Low-Income Housing Tax Credit 2013 Form TC-40LI

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

2012 Form TC-40LI

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

2011 Form TC-40LI

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


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