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Nm affordable housing credit claim form help 2014

Nm affordable housing credit claim form help 2014-2025

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The document is the Affordable Housing Tax Credit Claim Form (RPD-41301) issued by the New Mexico Taxation and Revenue Department. It outlines the process for claiming an affordable housing tax credit, which can be applied against various tax liabilities using investment vouchers issued by the New Mexico Mortgage Finance Authority (MFA). The form must be submitted with specific tax returns and includes instructions for reporting investment vouchers, claiming credits, and transferring vouchers. It emphasizes that unused credits can be carried forward for up to five years.

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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.

Who receives a tax incentive for the low income housing tax credit program?

The Bottom Line Developers can receive substantial tax credits for building, buying, or renovating properties intended for tenants who earn less than their areas median income. Prospective tenants seeking low-income housing must locate a property that qualifies for the tax credit and meet certain income requirements.

How to fill out form trd 41406?

How to fill out NM TRD-41406 Obtain the NM TRD-41406 form from the New Mexico Taxation and Revenue Department website or local office. Fill out the taxpayer information section, including your name, address, and tax identification number. Specify the type of tax or purpose for the form in the designated section.

What is the housing credit?

The Low Income Housing Tax Credit (Housing Credit) is a federal tax credit created by President Reagan and Congress in the Tax Reform Act of 1986 designed to encourage private sector investment in the new construction, acquisition, and rehabilitation of rental housing affordable to low-income households.

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 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.

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 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.

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