Form Nyc-114.8 Draft - Lmreap Credit Applied To Unincorporated Business Tax

Form NYC-114.8 - 2011

Page 2

INSTRUCTIONS

General Information

LMREAP benefits are available only to taxpayers that have previously applied to the New York City Department

of Finance and received an Initial Certificate of Eligibility. The credit is not available for any relocation prior to

July 1, 2003.

You must attach your annual certificate of eligible aggregate employment shares (ACEAES) received from the New

York City Department of Finance and your initial Certificate of Eligibility.

Specific Instructions

Carryover Schedule

UBT Paid Credit and the REAP

credit. If the allowable non-refund-

If you have carryover credits from

able credit exceeds the tax imposed

preceding years, complete the car-

The credit is refundable if the tax-

for the year less the UBT Paid Credit

ryover schedule regardless of

able year for which the credit is

and the REAP credit, the excess may

whether you will use any of the car-

being claimed is either the year of

be carried over to the five immedi-

ryover credits this year. Enter on

the relocation or one of the four

ately succeeding taxable years and,

each line in column B the amount

taxable years immediately succeed-

to the extent not previously utilized,

from each carryover year starting

ing the year of the relocation. For

may be credited against the tax-

with the earliest preceding carry-

example, if the year of relocation is

payer's tax for such years.

over year that can be applied to the

the calendar tax year 2006, the

current year. The total amount of

credit will be refundable for the cal-

Line 2

carryover credits applied to the cur-

endar tax years 2006 through 2010.

Enter on line 2 the appropriate

rent year (line 9f, column B) cannot

amount below:

exceed the amount on line 7.

For later taxable years, the credit is

non-refundable. For example, if

Filers of Form NYC-202 --Schedule

For 2010, the earliest preceding car-

the year of relocation is the calendar

A, line 21 less line 22a

ryover year is 2008 (line 9d).

tax year 2006, the credit will be

nonrefundable for the calendar tax

Filers of Form NYC-204 --Schedule

years 2011 and thereafter. If the

A, line 23 less line 24a

credit is refundable, fill out lines 1

and 11 and skip lines 2 through 10.

Line 4

For relocations where the credit is

The amount on line 4 represents the

non-refundable fill out lines 2

amount of your LMREAP credit

through 11 of this schedule and not

that you can carry forward to the

line 1.

next five taxable years and apply

against the tax for such years. Enter

A non-refundable LMREAP credit is

the amount from line 4 on line 9e of

limited to the tax imposed for the

the Carryover Schedule of your next

year less the UBT paid Credit and

year’s Form NYC 114.8. See In-

the REAP credit. It must be taken

structions for Carryover Schedule

before all other credits except the

below.

Form Nyc-114.8 Draft - Lmreap Credit Applied To Unincorporated Business Tax - 2011 Page 2

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