Free 2005 Utah Credit Share Summary of Low-Income Housing Project, TC-40LIS - Utah

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Utah State Tax Commission

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TC-40LIS
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Credit Share Summary of Low-Income Housing Project

Rev. 12/05

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, corporate franchise, or fiduciary tax return.

Utah Housing Corporation - www.utahhousingcorp.org.
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 Utah 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 $

General Procedures and Instructions
The building owner must: 1) complete this form each year identifying the taxpayers who will share in the low-income housing project tax credit; 2) allocate the credit to each taxpayer who will receive a share in the building project; 3) attach this form to his individual, corporate franchise, or fiduciary tax return; and 4) keep a copy of this form and all related documents with his tax records.

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: 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.

Column E: 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.