Form Nc-10 - Neighborhood Assistance Tax Credit Application Page 2
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1
2Instructions for Filing Form NC-10
(7/05)
Instructions for Recipient Organizations
Neighborhood Assistance Tax Credit Application
Form NC-10 must be filed by a taxpayer (including any S corporation,
The neighborhood assistance organization must fill in the recipient
partnership, limited liability company, or individual) who makes a
organization information sections of Form NC-10. List the
contribution and wishes to claim credit for the donation made to a
neighborhood assistance organization’s Federal Identification or
qualified organization participating in the Neighborhood Assistance
Indiana taxpayer identification number (TID) and/or program number.
Program (NAP). The credit can be applied against a taxpayer’s
An officer or delegate of the organization must verify receipt of each
Indiana adjusted gross income tax, or the financial institution tax.
contribution by signing the certification section of the form.
50% of the amount contributed is eligible for the tax offset credit up
to a maximum of $25,000. Form NC-10 is distributed by the Indiana
It is the recipient organization’s responsibility to file NC-10 form
Housing and Community Development Authority (IHCDA) through
with the Indiana Housing and Community Development Authority.
the Neighborhood Assistance Program.
File completed NC-10 form with the quarterly report form on assigned
due dates. Send to the Neighborhood Assistance Program, 30
Applications are filed through the neighborhood assistance
South Meridian, Suite 1000, Indianapolis, Indiana 46204.
organization. Each organization must have an approved program
number from the IHCDA before a contribution qualifies for pre-
Applications filed with these state agencies are submitted to the
approval. The State of Indiana is limited to granting a total of
Indiana Department of Revenue for a final determination. The
$2,500,000 in Neighborhood Assistance Program tax credits per
Department will accept a properly completed contributor application
state fiscal year. Applications for credit will be considered in the
and certification as proof of cash contributions.
chronological order as received by the Department of Revenue.
For further instructions, refer to Income Tax Information Bulletin #22,
When the tax credit application is approved, Form NC-20 will be
issued by the Department of Revenue.
mailed to contributor/taxpayer. The approved credit is available
to offset only the annual state income tax liability. County income
Completing Form NC-10
taxes may not be reduced. For purposes of this limitation, state
Complete the identification sections at the top of the form using the
income tax due is first reduced by any other nonrefundable credit
legal name of the contributor and the same tax identification number
according to I.C. 6-3.1-1-2, such as credit for taxes paid to other
used for federal purposes. Check the type of tax return to be filed
states and the college contribution credit, before the NAP tax credit
by the contributor (be sure to indicate the current tax year ending
is applied. There is no provision to carry back, carry forward, or
date).
refund any unused portion of the credit.
Tax Credit Computation and Certification
The Department will return the Form NC-20 with one of the following
indications:
Line 1: Enter the amount and kind of contribution made to the
neighborhood assistance organization having a qualified tax credit
Approved -- Your credit request has been approved for the amount
program. The computation is based on contributed amounts from
indicated on Form NC-20.
$100 up to $50,000. Credit is limited to the lesser of: fifty percent
(50%) of the amount contributed, the state income tax due, or twenty-
Attach the approved Form NC-20 to the Indiana tax return to
five thousand dollars ($25,000).
support the claim. If a pass-through entity made a contribution
does not have a state income tax liability, it must report the pro-
Line 2: Enter the amount of your contribution multiplied by 50%
rata share of the approved credit on information Schedule IN K-1.
(.50). This is the amount eligible for NAP tax credit, subject to the
(Members of pass-through entities must attach a copy of Schedule
maximum credit limit and your income tax liability after applying
IN K-1 to claim their allotted share of this credit.) Any excess credit
other nonrefundable credits for the tax year of the contribution.
on their return may not be refunded or carried over.
Line 3: Enter the lesser of line 2 or $25,000. This tentative approved
Disapproved -- Your tax credit request is not allowed. If the tax
credit is available to offset only the annual state income tax or
credit application is disapproved, a letter is sent to explain the
franchise tax liability. There is no carry over of unused credit to
reason for denial.
other taxable years. It is the responsibility of the contributor/taxpayer
to claim the approved credit for the tax year in which the donation
For all inquiries about the Neighborhood Assistance Program
was made.
call: the Indiana Housing and Community Development
Authority at 317-232-7777 or 1-800-872-0371 outside
The credit application must be signed to be considered valid. If left
Indianapolis.
unsigned, the application will be returned for signature. Proof of
payment (copy of check, receipt from the neighborhood assistance
organization, etc.) must be attached to this application.
To qualify for the credit, contributions other than cash must be
contemplated by the program proposal submitted by the organization
for approval. Any in kind contributions and services must be
supported with invoices or other documents showing proof of costs
to the donor. Cost of personnel on loan or the cost of time of an
individual donor, contributed to render expertise and assistance,
must be fully supported and are allowed to the extent the Internal
Revenue Service rules for charitable deductions are applied.
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