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

form nyc-114.8 - 2014

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

credit. If the allowable non-refund-

able credit exceeds the tax imposed

If you have carryover credits from

for the year less the UBT Paid Credit

preceding years, complete the car-

The credit is refundable if the tax-

and the REAP credit, the excess may

ryover schedule regardless of

able year for which the credit is

be carried over to the five immedi-

whether you will use any of the car-

being claimed is either the year of

ately succeeding taxable years and,

ryover credits this year. Enter on

the relocation or one of the four

to the extent not previously utilized,

each line in column B the amount

taxable years immediately succeed-

may be credited against the tax-

from each carryover year starting

ing the year of the relocation. For

payer's tax for such years.

with the earliest preceding carry-

example, if the year of relocation is

over year that can be applied to the

the calendar tax year 2006, the

Line 2

current year. The total amount of

credit will be refundable for the cal-

Enter on line 2 the appropriate

carryover credits applied to the cur-

endar tax years 2006 through 2010.

amount below:

rent year (line 9f, column B) cannot

exceed the amount on line 7.

For later taxable years, the credit is

Filers of Form NYC-202 or NYC-

non-refundable. For example, if the

202EIN --Schedule A, line 21 less

For 2013, the earliest preceding car-

year of relocation is the calendar tax

line 22a

ryover year is 2008 (line 9a).

year 2006, the credit will be nonre-

fundable for the calendar tax years

Filers of Form NYC-204 --Schedule

2011 and thereafter. If the credit is

A, line 23 less line 24a

refundable, fill out lines 1 and 11

and skip lines 2 through 10. For re-

Line 4

locations where the credit is non-re-

The amount on line 4 represents the

fundable fill out lines 2 through 11

amount of your LMREAP credit

of this schedule and not line 1.

that you can carry forward to the

next five taxable years and apply

A non-refundable LMREAP credit is

against the tax for such years. Enter

limited to the tax imposed for the

the amount from line 4 on line 9e of

year less the UBT paid Credit and

the Carryover Schedule of your next

the REAP credit. It must be taken

year’s Form NYC 114.8. See In-

before all other credits except the

structions for Carryover Schedule

UBT Paid Credit and the REAP

below.

Form Nyc-114.8 - Lmreap Credit Applied To Unincorporated Business Tax - 2014 Page 2

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