Form Tc-40lis - Credit Share Summary Of Low-Income Housing Project Page 2
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2General Procedures and Instructions
The building owner must:
1) complete this form each year identifying the taxpayers who will share in the low-income housing project tax credit;
2) allocate the credit to each taxpayer who will receive a share in the building project;
3) attach this form to his individual, corporate franchise, or fiduciary tax return; and
4) keep a copy of this form and all related documents with his tax records.
A separate form TC-40LIS must be completed for each building project in a multiple building project.
Worksheet Instructions: This form is to be completed for the tax year in which the credit is allowed.
Column A:
List each individual or entity who will share in the low-income housing project tax credit.
Column B:
If the taxpayer in Column A is an individual enter their social security number. All others, enter their
employer identification number.
Column C:
List the percentage of the federal low-income housing credit allocated to each individual or entity in
Column A. The building project owner determines this percentage. Column C should total 100 percent.
Column D:
List the percentage of the state low-income housing credit allocated to each individual or entity in Column
A. The building project owner determines this percentage. Column D should total 100 percent.
Column E: This is the amount of the state tax credit allocated to the taxpayer in Column A for the current year building
project. This amount is calculated by taking the percentage in Column D and multiplying it by the annual
state low-income housing tax credit shown on line 4 of form TC-40TCAC. Column E should total Line 4 of
form TC-40TCAC.
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