Instructions For Form Dtf-626 - Recapture Of Low-Income Housing Credit - New York State Department Of Taxation And Finance - 2004 Page 2
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1
2I
DTF-626-
(2004) (back)
for this building and the decrease causes you to fall below 40%,
Line 14 — Transfer the line 14 amount to the appropriate form:
you cannot switch to the 20-50 test to meet the set-aside
Individuals: Transfer the amount from line 14 to
requirements. You must recapture the entire amount shown on
Form IT-201-ATT, line 25; or Form IT-203-B, line 9.
line 5.
Partnerships: Transfer the amount from line 14 to Form IT-204,
Line 7 — If there was a prior recapture of accelerated credits on
line 45.
the building, do not recapture that amount again as the result of the
Fiduciaries: Transfer the amount from line 14 to Form IT-205,
current reduction in qualified basis.
line 12.
Line 9 — If you have any unused carryover of credit from a
Corporations: Include the amount from line 14 on
previous tax year or years that is attributable to this building, use
Form DTF-624, line 11.
the Line 9 Worksheet on the back page of Form DTF-626 to
Special rule for electing large partnerships. Subtract the
determine the accelerated portion of that unused carryover and any
current-year credit, if any, shown on Form DTF-624, line 9, from the
reduction of the accelerated portion due to a decrease in qualified
total of line 12 amounts from all Forms DTF-626. Enter the result
basis (if applicable). If you have no carryover of credit from a
(but not less than zero) on Form IT-204.
previous tax year(s) for this building, enter 0 on line 9.
Note: You must also reduce the current year low-income housing
Special rule for electing large partnerships. Enter 0 on line 9.
credit, before allocation to each partner, by the amount of the
An electing large partnership is treated as having fully used all
reduction to the total of the recapture amount(s).
prior-year credits.
Line 15 — Include this amount on Form DTF-624, line 5.
Line 11 — Compute the interest separately for each prior tax year
for which a credit is being recaptured. Interest must be computed at
Part III — Only IRC section 42(j)(5) partnerships need to
the overpayment rate determined under section 1096 of the Tax
complete lines 16 and 17
Law and compounded on a daily basis from the due date (not
including extensions) of the return for the prior year until the earlier
Lines 16 and 17 — Only IRC section 42(j)(5) partnerships
of (a) the due date (not including extensions) of the return for the
complete these lines. This is a partnership (other than an electing
recapture year, or (b) the date the return for the recapture year is
large partnership) that has at least 35 partners, unless the
filed and any income tax due for that year has been fully paid.
partnership elects (or has previously elected) not to be treated as
an IRC section 42(j)(5) partnership. For purposes of this definition,
Tables of interest factors to compute daily compound interest
a husband and wife are treated as one partner.
are published on the Tax Department Web site ( ) .
For purposes of determining the credit recapture amount, an
Note: If the line 8 recapture amount is from a IRC section 42(j)(5)
IRC section 42(j)(5) partnership is treated as the taxpayer to which
partnership, the partnership will figure the interest and include it in
the low-income housing credit was allowed and as if the amount of
the recapture amount reported to you. Enter 0 on line 11 and write
credit allowed was the entire amount allowable under IRC
section 42(j)(5) to the left of the entry space for line 11.
section 42(a).
Line 13 — Subtract the amount on line 9 from the total of all prior
See the instructions for line 11 to figure the interest on line 16. The
year(s) unused carryover of credit attributable to the building and
partnership must attach Form DTF-626 to its Form IT-204 and
enter the result on line 13.
allocate this amount to each partner in the same manner as the
partnership’s taxable income is allocated to each partner.
Need help?
Hotline for the hearing and speech impaired:
Internet access:
If you have access to a telecommunications device for the
(for information, forms, and publications)
deaf (TDD), contact us at 1 800 634-2110. If you do not
own a TDD, check with independent living centers or
community action programs to find out where machines are
Fax-on-demand forms: Forms are
available for public use.
available 24 hours a day,
7 days a week.
1 800 748-3676
Persons with disabilities: In compliance with the
Telephone assistance is available from 8:00
to
A.M.
Americans with Disabilities Act, we will ensure that our
5:00
(eastern time), Monday through Friday.
P.M.
lobbies, offices, meeting rooms, and other facilities are
accessible to persons with disabilities. If you have
To order forms and publications:
1 800 462-8100
questions about special accommodations for persons
Business Tax Information Center:
1 800 972-1233
with disabilities, please call 1 800 972-1233.
Personal Income Tax Information Center: 1 800 225-5829
From areas outside the U.S. and
outside Canada:
(518) 485-6800
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