Form Nc-478h - 2000 Tax Credit Low-Income Housing printable pdf download

File with NC-478

2000 Tax Credit

NC-478H

Low-Income Housing

North Carolina Department of Revenue

10-00

Legal Name (First 10 Characters)

SSN or FEIN

Requirements (See Article 3B of G.S. Chapter 105 for more information.)

Claim a federal tax credit under § 42 of the Code for a building that meets one of the following descriptions:

Is located in a Tier 1 or Tier 2 enterprise area

Is located in a Tier 3 or Tier 4 enterprise area, and 40% of its residential units are both rent restricted and occupied by individuals

whose income is 50% or less of the area’s median gross income as defined in the Code

Is located in a Tier 5 enterprise area, and 40% of its residential units are both rent restricted and occupied by individuals whose income

is 35% or less of the area’s median gross income as defined in the Code

Business Information:

Use a separate NC-478H for each building for which you qualify for a credit.

Street Address of Building (Include Zip Code and County)

Tier and Status Information

Fill in all applicable circles:

Tier 1

40% or more of its residential units are rent restricted

Tier 2

Units are occupied by individuals whose gross income is 50%

Tier 3

or less of area’s median gross income

Tier 4

Units are occupied by individuals whose gross income is 35%

Building Identification Number (BIN)

Tier 5

or less of area’s median gross income

Part 1.

Computation of Eligible Credit Amount for Low-Income Housing for which Federal Credits are First

Allocated in 2000

(The first installment of this credit may be taken on the 2000 tax return.)

Maximum housing credit dollar amount allowable

(From Federal Form 8609, Line 1b)

(Attach Federal Forms 8609, 8609 - Schedule A, 8686, and, if recapture,8611)

2. Maximum federal credit

Multiply Line 1 by the number 10

Percentage

(Enter percentage for applicable tier)

Tier 1

Tier 2

Tier 3

Tier 4

Tier 5

75%

25%

Multiply Line 2 by Line 3

Divide Line 4 by the number 5

(Credit is taken in installments)

First year modified percentage under § 42(f)(2)(A) of the Code

1st installment amount

Multiply Line 5 by Line 6; enter here and on Part 3, Line 1

2nd, 3rd, 4th, and 5th installment amount

Enter amount from Line 5

6th installment amount

Line 5 minus Line 7

10.

Eligible credit amount

Enter amount from Line 4 here and in the Credit History table in Part 2

478H

Form Nc-478h - 2000 Tax Credit Low-Income Housing

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