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DTF-624 Name(s) as shown on return New York State Department of Taxation and Finance Claim for Low-I

DTF-624 Name(s) as shown on return New York State Department of Taxation and Finance Claim for Low-I 2025

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The document DTF-624 is a form from the New York State Department of Taxation and Finance used to claim the Low-Income Housing Credit. It outlines the necessary steps for building owners, partners, and shareholders to report their current-year credit, compute tax credits, and allocate shares of credit among beneficiaries. The form includes sections for detailing current-year credits, recapture amounts, and specific instructions for various types of taxpayers.

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What is the form 8586 for low income housing credit?

Use Form 8586 to claim the low-income housing credit. This general business credit is allowed for each new qualified low-income building placed in service after 1986. Generally, it is taken over a 10-year credit period.

Who does the low-income housing tax credit give federal income taxes to?

The LIHTC gives investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing. Investors equity contribution subsidizes low-income housing development, thus allowing some units to rent at below-market rates.

What is the 1986 low-income housing tax credit?

Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of approximately $10 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.

What is the form 8611 for low-income housing credit?

Use this form if you must recapture part of the low-income housing credit you claimed in previous years because the qualified basis decreased from one year to the next or you disposed of a building, or your interest therein, and you did not follow the procedures that would have prevented recapture of the credit.

What is the meaning of recapture of low-income housing credit?

Conditions for recapture of the credit And, the building must continue to meet certification requirements. If not, the owner may have to recapture a portion of the credit allocation using Form 8611, Recapture of Low-Income Housing Credit. Recapture refers to adding back income that a credit previously reduced.