Instructions For Form 8912 - Credit To Holders Of Tax Credit Bonds

A cooperative electric company is a mutual or cooperative

on line 13, and not on line 18. For example, if you own an

electric company described in section 501(c)(12) or section

interest in a partnership, and the partnership reports your share

1381(a)(2)(C).

of bond tax credits earned by the partnership on a Schedule K-1

(Form 1065) as well as on a Form 1097-BTC, don't double-count

A governmental body is any state or Indian tribal

these amounts. Include the amount reported to you on Form

government, or any political subdivision thereof.

1097-BTC by the partnership on line 13, and not on line 18.

A public power provider is a state utility with a service

obligation, as defined in section 217 of the Federal Power Act

Line 3

(as in effect on October 3, 2008).

Enter the amount of the credit carryforward (from prior years)

A qualified renewable energy facility is a qualified facility

that is attributable to a qualified tax credit bond or a BAB. Credits

(as determined under section 45(d) without regard to paragraphs

attributable to a CREB, or a QZAB issued before October 4,

(8) and (10) and to any placed-in-service date) owned by a

2008, can't be carried forward.

public power provider, a governmental body, or a cooperative

electric company.

Line 5

QECB. A QECB is any bond issued after October 3, 2008, by a

state or local government as a qualified energy conservation

Estates and trusts must allocate any CREB credit on line 4

bond and 100% of the available project proceeds are used for

between the estate or trust and the beneficiaries in the same

one or more qualified conservation purposes. See section 54D(f)

proportion as income was allocated and enter the beneficiaries'

for the definition of qualified conservation purposes.

share on line 5.

QZAB. A QZAB is any bond issued by a state or local

Part II—Allowable Credit

government as a qualified zone academy bond and 100% of the

The credit allowed for the current year may be limited based on

available project proceeds are used to improve certain eligible

your tax liability. Use Part II to figure the allowable credit.

public schools (for QZABs issued before October 4, 2008, 95%

or more of the proceeds are used to improve certain eligible

public schools).

Line 10b

QSCB. A QSCB is any bond issued after February 17, 2009, by

Enter the total allowable credit, if any, from your tax return as

a state or local government as a qualified school construction

follows.

bond and 100% of the available project proceeds are used for

Individuals. Enter the amount from Form 1040, lines 49 through

the construction, rehabilitation, or repair of a public school facility

54 (Form 1040NR, lines 47 through 51). Don't include any

or for the acquisition of land on which the bond-financed facility

general business credit claimed on Form 3800, or any prior year

is to be constructed.

minimum tax.

Estates and trusts. Enter the total of any write-in credits from

BAB. A BAB is any bond (other than a private activity bond)

Form 1041, Schedule G, line 2e.

issued after February 17, 2009, and before January 1, 2011, by

Corporations. Enter the amount from Form 1120, Schedule J,

an issuer who makes an irrevocable election to have the rules of

line 5b (or the applicable line of your return).

section 54AA apply and, except for that election, the interest on

the bond would have been excludable under section 103.

Line 10c

Specific Instructions

If you are filing Form 3800, General Business Credit, enter the

Separate entries and calculations are required for each bond

credit from Form 3800.

with a different issuance date or a different credit rate.

Line 12

Part I—Current Year Credit

If you don't have an entry space for these credits on your tax

Complete Part(s) III and IV before completing Part I and

return, include the allowable credit on the “Total credits” line with

Part II. See the instructions for Parts III and IV for more

the applicable notation (for example, “CREB” or “QECB”).

information.

CAUTION

Holders of a CREB, or a QZAB issued before October 4,

2008. If you can't use all of the credit from Part I because of the

Line 1

tax liability limit (for example, line 12 is smaller than line 4), you

can deduct the unused credit for the current tax year. However,

Enter the total from Part III, line 14. This amount is the total bond

you can choose to deduct the unused credit in the next tax year

credits reported to you on Form(s) 1097-BTC.

instead of the current tax year.

Because a current year deduction may further reduce the tax

Line 2

liability limit, you may need to refigure the tax liability limit and

Enter the amount from Part IV, line 20. This amount is the total

the unallowed credit. Refigure the unallowed credit until it equals

bond credits from bonds held by you or your nominee(s) and not

the deduction. It may be necessary to use the “trial and error”

reported to you on Form(s) 1097-BTC. This amount may also

method.

include bond credits reported to you from a pass-through entity

Holders of a qualified tax credit bond or a BAB. If you can't

(partnership, S corporation, estate, trust, regulated investment

use all of the credit from Part I (for example, line 12 is smaller

company, and real estate investment trust) that weren't reported

than line 4), you may carry the unused portion of the credit to the

to you on Form(s) 1097–BTC.

next tax year and add it to any credit allowable to the holder of

the same bond in the next tax year. A holder of a qualified tax

Note. You may receive Form(s) 1097-BTC from a pass-through

credit bond or BAB can't deduct any unused credit.

entity reporting your share of bond tax credits. The entity may

also report your share of bond tax credits on a form/schedule/

Limitation on credit from pass-through entities. For a

statement other than the Form(s) 1097-BTC. In such a case,

CREB held by a pass-through entity, the credit included in line 1

don't double-count amounts reported to you. Include any amount

(for a credit received from a pass-through entity that issued a

reported to you on Form(s) 1097-BTC from a pass-through entity

Form 1097-BTC) and line 2 (for a credit received from a

-2-

Instructions For Form 8912 - Credit To Holders Of Tax Credit Bonds - 2015 Page 2

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