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New York State Department of Taxation and Finance Recapture of Low-Income Housing Credit Tax Law --

New York State Department of Taxation and Finance Recapture of Low-Income Housing Credit Tax Law -- 2025

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The document is a form (DTF-626) from the New York State Department of Taxation and Finance for the recapture of Low-Income Housing Credit. It outlines the necessary information and calculations required for taxpayers to report credit recapture related to low-income housing, including details about financing, credits reported in prior years, and specific calculations for recapture amounts. The form must be attached to the appropriate tax return and completed separately for each building affected.

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What is 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.

What is Section 42 of the Treasury Regulations?

Section 42 provides that, for purposes of section 38, a low-income housing credit is determined for a building in an amount equal to the applicable percentage of the qualified basis of the qualified low-income building.

Can you sell low-income housing tax credits?

The federal government issues tax credits to state and territorial governments. State housing agencies then award the credits to private developers of affordable rental housing projects through a competitive process. Developers generally sell the credits to private investors to obtain funding.

What is the tax benefit recapture in New York State?

(i) Connecticut and New York have tax benefit recapture, by which many high-income taxpayers pay their top tax rate on all income, not just on amounts above the benefit threshold. (j) Bracket levels adjusted for inflation each year.

Who qualifies for the AZ property tax credit?

To claim the Arizona Property Tax Credit all the following must apply: You were a resident of Arizona for all of 2024. You (or your spouse) were either 65 or older or received Title 16 Supplemental Security Income (SSI) payments during 2024.

What is the Section 42 low-income housing tax credit?

2085 (1986 Act) created the low-income housing credit under 42 of the Code. Section 42(a) provides that the amount of the low-income housing credit for any taxable year in the credit period is an amount equal to the applicable percentage of the qualified basis of each qualified low-income building.

How does section 42 work in Minnesota?

Renters living in Low Income Housing Tax Credit (LIHTC - Section 42) units pay a fixed rent amount. The rent amounts are often similar to other market rate units in the area. However, the LIHTC buildings often have much nicer amenities than market rate units renting for a similar price.

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.

New York State Department of Taxation and Finance Recapture of Low-Income Housing Credit Tax Law -- 2025

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What is recapture of low-income housing credit?

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Can you sell low-income housing tax credits?

What is the tax benefit recapture in New York State?

Who qualifies for the AZ property tax credit?

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What is the Section 42 low-income housing tax credit?

How does section 42 work in Minnesota?

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

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New York State Department of Taxation and Finance Recapture of Low-Income Housing Credit Tax Law -- 2025

Here's how it works

The best way to modify New York State Department of Taxation and Finance Recapture of Low-Income Housing Credit Tax Law -- online

Complete this form in 5 minutes or less

Got questions?

What is recapture of low-income housing credit?

What is Section 42 of the Treasury Regulations?

Can you sell low-income housing tax credits?

What is the tax benefit recapture in New York State?

Who qualifies for the AZ property tax credit?

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People also ask

What is the Section 42 low-income housing tax credit?

How does section 42 work in Minnesota?

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

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