This nonrefundable credit is an amount, determined by the Utah Housing Corporation, for the owners of a low-income housing project that have also received an allocation of the federal low-income housing tax credit. Unused credits may be carried back three years or carried forward five years.
Individuals sharing in the credit 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; keep a copy for your tax records.
When this credit is applicable, the project owner will provide form TC-40TCAC (issued by the Utah Housing Corporation) to the taxpayer.
Owners of a low-income housing project and other taxpayers who have taken the low-income housing credit and disposed of the building or an ownership interest, must recapture any credits that have 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/
