Schedule Lp - Credit For Removing Or Covering Lead Paint On Residential Premises - 2013 Page 3
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3for Taxes Paid to Other Jurisdiction and any other credits you
may be eligible for. These include, but are not limited to: the En-
When Does the Taxpayer Become Entitled to
ergy Credit, Economic Opportunity Area Credit, Septic Credit,
You are entitled to claim a Lead Paint Credit in the taxable year in
the Credit?
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, Medical Device Credit and
for the deleading occurs, whichever is later.
Employer Wellness Program Credit.
You must complete and enclose Schedule LP with your return.
Note: It is more advantageous to use the credit(s) that is going to
Failure to do so will result in this credit being disallowed on your
expire first.
tax return and an adjustment of your reported tax. Taxpayers
must retain a copy of the Letter of Interim Control and/or Letter of
Compliance.
What If My Lead Paint Credit Is Larger Than
If the credit you derive from deleading a residential dwelling
My Tax Liability?
amounts to more than the amount you owe in income taxes for
What If I Am Taking the Lead Paint Credit and
the year, the balance may be carried over into the next tax year.
If you are taking another credit in addition to the Lead Paint Credit
Another Credit On My Tax Return?
You may carry over an unused portion of the original credit for up
on your tax return, you must reduce the amount of tax reported in
to seven years.
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
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