This nonrefundable credit is for owners of a low-income housing project that received part of the federal low-income housing tax credit. The amount is determined by the Utah Housing Corporation. Unused credits may be carried back three years or forward five years.
If you qualify, you must complete Form TC-40TCAC, Utah Low-income Housing Tax Credit Allocation Certification, (issued by the Utah Housing Corporation) and Form TC-40LI, Summary of Utah Low-income Housing Tax Credit. If you are carrying this credit forward or backward, you must also complete Form TC-40LIC, Utah Low-income Housing Tax Credit Carryback and/or Carryforward. Do not submit these forms with your tax return. Keep them with your tax records.
The building project owner must also complete Form TC-40LIS, Credit Share Summary of Low-income Housing Project. Submit this form with your tax return. and keep a copy for your tax records.
When this credit is applicable, you will get form TC-40TCAC (issued by the Utah Housing Corporation) from the project owner.
Low-income housing project owners (and other taxpayers) who have taken the credit and disposed of the building or an ownership interest, must recapture any credits that reduced their tax liability in a previous year. See Form TC-40LIS for instructions on calculating the low-income housing credit recapture tax.
Utah Housing Corporation
2479 S Lake Park Blvd
West Valley City, UT 84120
(801) 902-8200
http://www.utahhousingcorp.org/
