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Schedule Lp - Credit For Removing Or Covering Lead Paint On Residential Premises - 2011 Page 3

When Does the Taxpayer Become Entitled to

for Taxes Paid to Other Jurisdiction and any other credits you

may be eligible for. These include, but are not limited to: the En-

the Credit?

ergy Credit, Economic Opportunity Area Credit, Septic Credit,

You are entitled to claim a Lead Paint Credit in the taxable year in

Brownfields Credit, Low Income Housing Credit, Historic Rehabil-

which compliance is certified or in the year in which the payment

itation Credit, Film Incentive Credit and Medical Device Credit.

for the deleading occurs, whichever is later.

Note: It is more advantageous to use the credit(s) that is going to

You must complete and enclose Schedule LP with your return.

expire first.

Failure to do so will result in this credit being disallowed on your

tax return and an adjustment of your reported tax. Taxpayers

What If My Lead Paint Credit Is Larger Than

must retain a copy of the Letter of Interim Control and/or Letter of

My Tax Liability?

Compliance.

If the credit you derive from deleading a residential dwelling

What If I Am Taking the Lead Paint Credit and

amounts to more than the amount you owe in income taxes for

the year, the balance may be carried over into the next tax year.

Another Credit On My Tax Return?

You may carry over an unused portion of the original credit for up

If you are taking another credit in addition to the Lead Paint Credit

to seven years.

on your tax return, you must reduce the amount of tax reported in

line 8 of Schedule LP (from Form 1, line 28 or Form 1-NR/PY, line

32 or Form 2, line 41) by any Limited Income Credit and/or Credit

Schedule Lp - Credit For Removing Or Covering Lead Paint On Residential Premises - 2011 Page 3