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North Dakota Office of State Tax Commissioner

2003 Schedule RZ instructions

Line 4

for that tax year, the excess of the credit

expires before the end of the 60-month

If you qualified for more than one zone

over the tax liability is not refundable and

credit period.

project at the same street address, check

may not be used to offset the individual’s

Transfer of zone project property. The tax

the “Yes” box and write the project

tax liability for any other tax year. For this

credit and its five-year credit period attach

numbers for all of them on the line

purpose, “tax liability” means the tax

to the single-family residence. If the

provided on the schedule.

calculated for the tax year less any other

residence is transferred to another

income tax credits allowed under the Act or

Line 9

qualifying individual before the five-year

North Dakota law that the individual

credit period expires, the tax credit and the

Enter the five-year credit period start date

chooses to use before applying the single-

unused portion of the five-year credit

for your zone project. This date is shown

Priority

family residence tax credit. See

period transfer with the property.

on the final zone project approval letter

of exemptions/credits

on page 3 for

issued by the North Dakota Commerce

more information on the order in which to

The individual who transfers the residence

Department’s Division of Community

claim multiple tax credits.

is ineligible for the tax credit starting with

Services. This date establishes the

the month of disposition. If the residence

One tax credit allowed per single-family

beginning of the five-year credit period

is transferred to another individual who

residence. The tax credit is allowed only

that applies to your zone project property.

also qualifies for the tax credit with respect

one time per single family residence over

This date does not change even if the

to the residence, the individual acquiring

the life of the zone. The full five-year

property is transferred to another taxpayer.

the property is eligible for the tax credit for

Five-year credit period

credit period is available even though the

See

on this page

the unexpired portion of the five-year

zone itself expires before the end of the

for more information.

credit period starting with the month of

Five-year

five-year credit period—see

Line 10

acquisition.

credit period

on this page.

Credit period limitation

Change in primary place of residence.

The credit is allowed for only that portion

Five-year credit period

If an individual who qualifies for the tax

of your tax year for which you are eligible

The credit is allowed in each year of a

credit with respect to a single-family

for the credit.

five-year credit period. For purposes of

residence ceases to use it as the primary

the Act, the five-year credit period is

place of residence, i.e., as the legal

Full-year eligibility. If you are eligible for

deemed to be a period of sixty consecutive

residence, during the five-year credit

the tax credit for your entire tax year, enter

months, consisting of five 12-month

period, the individual is ineligible for the

“12” on line 10. Then go to line 11. You are

periods. The $10,000 credit is allowed in

tax credit starting with the first day of the

eligible for the credit for your entire tax year

each of the five 12-month periods. If the

month in which the change occurs.

if all of the following apply:

individual is not eligible for the tax credit

•

You were eligible for the credit as of the

Specific line

for the entire tax year, a credit equal to

beginning of your tax year.

$833.33 ($10,000 divided by 12) is

instructions

For information on when the credit

allowed for each month of eligibility

Five-year

period begins and ends, see

during the tax year. For this purpose, the

Line 1

credit period

on this page.

60-month credit period begins as follows:

Enter the project number assigned to your

•

You used the zone project property as

•

Purchase

—If the zone project consists

zone project by the local zone authority.

your primary place of residence for

of the purchase of a single-family

The project number is shown on the final

your entire tax year.

residence, the 60-month credit period

zone project approval letter issued by the

•

The 60-month credit period did not

begins with the month in which the

North Dakota Commerce Department’s

expire during your tax year. This

individual takes title to the property or

Division of Community Services. If you

condition applies if the 60th month of

occupies the residence, whichever

do not have a copy of the final zone

the credit period falls in the last month

occurs later.

project approval letter, contact your local

of your tax year or later.

•

Qualified rehabilitation

—If the zone

zone authority.

project consists of the qualified

Partial-year eligibility. You are eligible

Attach a copy of the final zone project

rehabilitation of a single-family

for the credit for only part of your tax year

approval letter to your North Dakota

residence already owned by the

if any of the following apply:

tax return.

individual, the 60-month credit period

•

You became eligible for the credit

Line 2

begins with the month in which the

during the tax year in a month other

rehabilitation work is completed, as

Enter the name of the renaissance zone city

than the first month of the tax year.

determined by the local zone authority.

where your zone project property is

For information on when the credit

located.

Five-year

period begins and ends, see

Once the 60-month credit period begins to

credit period

on this page.

Line 3

run, it runs uninterrupted through the end

•

of the 60-month credit period. The credit

You sold the residence or otherwise

Enter the street address of your project

is allowed over the entire 60-month credit

property. Do not enter a post office box

disposed of the residence during the tax

period even if the renaissance zone itself

number.

year.

Log - Schedule Rz Instructions Renaissance Zone Act Exemptions And Tax Credits - North Dakota Office Of State Tax Commissioner - 2003 Page 11

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