Form N-586 - Tax Credit For Low-Income Housing Page 4
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4FORM N-586
Page 4
(REV. 2011)
Line 1 — Tax credit recapture.—Sec-
tion 42(j)(5) partnerships fill in line 7 also. All
other flow-through entities (partnerships, S
corporations, estates, or trusts) enter the
CREDIT WORKSHEET
result here and on the appropriate line of
Schedule K of your respective return. Enter
Tax Credit
Amount
each recipient’s share on the appropriate
a. Ethanol Facility Tax Credit . . . . . . . . .
line of Schedule K-1.
b.
Credit for Low-income Household
Line
2
—
Appropriate
credit
Renters . . . . . . . . . . . . . . . . . . . . . . .
percentage.—Enter 30% if the property
c.
Credit for Child and Dependent
was placed in service before July 1, 2005.
Care Expenses . . . . . . . . . . . . . . . . .
Enter 50% if the property was placed in ser-
d. Credit from a Regulated Investment
vice on or after July 1, 2005.
Company . . . . . . . . . . . . . . . . . . . . .
e.
Fuel Tax Credit for Commercial
Lines 5 and 6 — Interest.—Compute
Fishers . . . . . . . . . . . . . . . . . . . . . . .
the interest separately for each prior tax
f.
Credit for Child Passenger
year using a rate of 8% (.00667 monthly)
Restraint Systems . . . . . . . . . . . . . . .
for the period beginning on the due date for
g. Capital Goods Excise Tax Credit . . .
filing the original return for each prior year
h. Motion Picture, Digital Media and
involved. Add the interest amounts for each
Film Production Income Tax Credit . .
prior year until the earlier of:
i.
Refundable Food/Excise
•
The due date (not including extensions)
Tax Credit . . . . . . . . . . . . . . . . . . . . .
of the return for the recapture year, or
j.
Tax Credit for Research Activities . . .
•
The date the return for the recapture
k.
Renewable Energy Technologies
year is filed and any income tax due for
Income Tax Credit (Refundable) . . . .
that year has been fully paid.
l.
Important Agricultural Land Qualified
Agricultural Cost Tax Credit . . . . . . .
Enter the total on line 5 or 6. (This in-
m. Income Taxes Paid to another state
terest is not deductible on your income tax
or foreign country . . . . . . . . . . . . . . .
return.)
n. Enterprise Zone Tax Credit . . . . . . . .
Line 7 — Include the total credit recap-
o.
Carryover of the Energy
tured on the appropriate line representing
Conservation Tax Credit . . . . . . . . . .
your tax liability.
p.
Credit for Employment of Vocational
Rehabilitation Referrals . . . . . . . . . . .
For flow-through entities that file Form
q. Carryover of the Individual
N-20 or Form N-35, identify amounts as
Development Account Contribution
“Recapture of low-income housing tax
Tax Credit . . . . . . . . . . . . . . . . . . . . .
credit”:
r.
Credit for School Repair and
Maintenance . . . . . . . . . . . . . . . . . . .
N-20, Schedule K-1, line 27.
s.
Carryover of the Renewable Energy
N-35, Schedule K-1, line 24.
Technologies Income Tax Credit (For
Systems Installed and Placed in
Service Before July 1, 2009) . . . . . . .
t.
Renewable Energy Technologies
Income Tax Credit (Nonrefundable) .
u. Add lines a through t. Enter the
amount here and on
line 9 . . . . . . . . . . . . . . . . . . . . . . . . .
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