Form N-586 - Tax Credit For Low-Income Housing - 2014 Page 4
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4FORM N-586
Page 4
(REV. 2014)
tion, estate, or trust) skip lines 1-3 and go
if the property was placed in service on or
Enter the total on line 5 or 6. (This in-
to line 4.
after July 1, 2005.
terest is not deductible on your income tax
return.)
Line 1 — Tax credit recapture.—
Lines 5 and 6 — Interest.—Compute
Section 42(j)(5) partnerships fill in line 7
the interest separately for each prior tax
Line 7 — Include the total credit recap-
also. All other flow-through entities (part-
year using a rate of 8% (.00667 monthly)
tured on the appropriate line representing
nerships, S corporations, estates, or trusts)
for the period beginning on the due date for
your tax liability.
enter the result here and on the appropri-
filing the original return for each prior year
For flow-through entities that file Form
ate line of Schedule K of your respective
involved. Add the interest amounts for each
N-20 or Form N-35, identify amounts as
return. Enter each recipient’s share on the
prior year until the earlier of:
“Recapture of low-income housing tax
appropriate line of Schedule K-1.
•
The due date (not including extensions)
credit”:
of the return for the recapture year, or
Line 2 — Appropriate credit percent-
N-20, Schedule K-1, line 31.
•
age.—Enter 30% if the property was placed
The date the return for the recapture
N-35, Schedule K-1, line 24.
in service before July 1, 2005. Enter 50%
year is filed and any income tax due for
that year has been fully paid.
CREDIT WORKSHEET
Amount
Tax Credit
a. Income Taxes Paid to another state
or foreign country . . . . . . . . . . . . . . .
b.
Enterprise Zone Tax Credit . . . . . . . .
c.
Carryover of the Energy
Conservation Tax Credit . . . . . . . . . .
d. Credit for Employment of Vocational
Rehabilitation Referrals . . . . . . . . . . .
e.
Carryover of the Individual
Development Account Contribution
Tax Credit . . . . . . . . . . . . . . . . . . . . .
f.
Credit for School Repair and
Maintenance . . . . . . . . . . . . . . . . . . .
g. Carryover of the Renewable Energy
Technologies Income Tax Credit (For
Systems Installed and Placed in
Service Before July 1, 2009) . . . . . . .
h. Renewable Energy Technologies
Income Tax Credit (Nonrefundable) .
i.
Add lines a through h. Enter the
amount here and on
line 9 . . . . . . . . . . . . . . . . . . . . . . . . .
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