42-038 Iowa Tax Credit Certificate Form printable pdf download

Iowa Department of Revenue

Iowa Tax Credit Certificate

Eligible Housing Business Investment Tax Credit

This certificate is to be completed by a taxpayer claiming an eligible housing business investment tax credit,

investment tax credit, including, if applicable, the transferee if the tax credit certificate is transferred.

Name of Eligible Housing Business

Name of Transferee (if applicable)

Address of Eligible Housing Business

Address of Transferee

City

State

Zip Code

City

State

Zip Code

Taxpayer Identification No.

Tax Period Ending

For The Business (or Transferee, if applicable):

If Tax Credit Is Transferred

Officer Name __________________________

Tax Credit Being Transferred ________________

Title __________________________________

Date _________________________________

Investment Tax Credit

Contact Person ________________________

Date of Project Completion __________________

For Economic Development

(Attach certificate of completion)

Name ________________________________

Certified Amount of Tax Credit _______________

Title __________________________________

Date _________________________________

Signature _____________________________

Tax Certificate Instructions

This tax credit certificate must be attached to any income tax return for tax years beginning on or after January

1, 2003, claiming an eligible housing business investment tax credit. The credit can be taken in the year the homes are

ready for occupancy. Any credit in excess of the tax liability for tax year may be credited to the tax liability for the

following seven years or until depleted, whichever is earlier. If the business claiming the credit is a partnership, S

corporation, limited liability company, or estate or trust electing to have the income taxed directly to the individual,

please attach a schedule listing each individual and the amount of credit available to each.

If low-income housing tax credits authorized under Section 42 of the Internal Revenue Code are used to assist

in the financing of the housing development, the tax credit certificate can be transferred. Within 90 days of transfer, the

transferee must submit the transferred tax credit certificate to the Department of Economic Development with a

statement containing the transferee’s name, address, tax identification number and denomination that each replacement

tax credit certificate should carry. A replacement tax credit certificate will then be issued to the transferee.

A copy of this form must be attached to any tax return on which a certified credit is taken.

42-038 (6/4/03)

42-038 Iowa Tax Credit Certificate Form

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