Form Cr-Q1 - Commercial Rent Tax Return - 2014/15 (Page 2 of 2) in pdf

Form CR-Q1 for the tax period June 1, 2014 to August 31, 2014 ONLY

Page 2

USE THIS PAGE IF YOU HAVE THREE OR LESS PREMISES/SUBTENANTS OR, MAKE COPIES OF THIS PAGE

TO REPORT ADDITIONAL PREMISES/SUBTENANTS. IF YOU RE P ORT M OR E T H AN TH RE E PR E MI SE S OR

S U B T E NA N T S , A N D C H O O S E TO U S E A S P R E A D S H E E T, YO U M U S T U S E T H E CR Q F I NA N C E SUP-

PLEMENTAL SPREADSHEET, WHICH YOU CAN DOWNLOAD FROM OUR WEBSITE AT

EACH LINE MUST BE ACCURATELY COMPLETED. YOUR DEDUCTION WILL BE DISALLOWED IF INACCURATE INFORMATION IS SUBMITTED.

LINE

DESCRIPTION

PREMISES 1

PREMISES 2

PREMISES 3

1a. Street Address ......................................................... 1a.

1b. Zip Code ..................................................................1b. ________________________________________________________________________________________

1c. Block and 1d. Lot Number...................................1c/1d. ________________________________________________________________________________________

KEEP THIS PAGE

BLOCK

LOT

BLOCK

LOT

BLOCK

LOT

2. Gross Rent Paid (see instructions) ........................... 2. ________________________________________________________________________________________

3. Rent Applied to Residential Use .................................3. ________________________________________________________________________________________

............................................. 4a. ________________________________________________________________________________________

4a. SUBTENANT'S NAME

4b. Employer Identification Number (EIN) for

FOR YOUR RECORDS.

partnerships or corporations .....................................4b. l 4b. EIN _____________________ l 4b. EIN_____________________ l 4b. EIN ____________________

4c. Social Security Number for individuals .....................4c. l 4c. SSN_____________________ l 4c. SSN ____________________ l 4c. SSN ____________________

4d. Rent received from SUBTENANT

(see instructions if more than one subtenant) .....................4d. ___________________________________________________________________________________________________

5a. Other Deductions (attach schedule) .........................5a. ________________________________________________________________________________________

DO NOT FILE

5b. Commercial Revitalization Program

special reduction (see instructions) ..........................5b. ________________________________________________________________________________________

6. Total Deductions (add lines 3, 4d, 5a and 5b) ............6. ________________________________________________________________________________________

7. Base Rent Before Rent Reduction (line 2 minus line 6) ....7. ________________________________________________________________________________________

8. 35% Rent Reduction (35% X line 7) ...........................8. ________________________________________________________________________________________

9. Base Rent Subject to Tax (line 7 minus line 8) ...........9. ________________________________________________________________________________________

If the line 7 amount represents rent for less than the full 3 month period, proceed to line 10a, or

NOTE

If the line 7 amount plus the line 5b amount is $62,499 or less and represents rent for a full 3 month period, transfer line 9 to line 13, or

If the line 7 amount plus the line 5b amount is $62,500 or more and represents rent for a full 3 month period, transfer line 9 to line 14

COMPLETE LINES 10 - 12 ONLY IF YOU RENTED PREMISES FOR LESS THAN THE FULL THREE-MONTH PERIOD

10a. Number of Months at Premises during the tax period ........

10a. # of months 10b. From:

10c. To:

_________________________________________________________________________________________________________________

11. Monthly Base Rent before rent reduction

(line 7 plus line 5b divided by line 10a) .....................11. ________________________________________________________________________________________

12. Quarterly Base Rent before rent reduction

(line 11 X 3 months)..................................................12. ________________________________________________________________________________________

If the line 12 amount is $62,499 or less, transfer the line 9 amount (not the line 12 amount) to line 13

■

If the line 12 amount is $62,500 or more, transfer the line 9 amount (not the line 12 amount) to line 14

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RATE CLASS

TAX RATE

13. ($0 - 62,499)..............................0% .........................13. _______________________________________________________________________________________

14. ($62,500 or more)..................... 6% .........................14. _______________________________________________________________________________________

15. Tax Due before credit

.................................................15. _______________________________________________________________________________________

(line 14 multiplied by 6%)

16. Tax Credit

16. _______________________________________________________________________________________

(see worksheet below) ..................................................

Note: The tax credit only applies if line 7 plus line 5b (or line 12, if applicable) is at least $62,500, but is less than $75,000. All others enter zero.

Tax Credit Computation Worksheet

If the line 7 amount represents rent for the full 3 month period, your credit is calculated as follows:

(

)

■

Amount on line 15 X

$75,000 minus the sum of lines 7 and 5b

= _____________ = your credit

$12,500

If the line 7 amount represents rent for less than the full 3 month period, your credit is calculated as follows:

(

)