Form TC-40LI Summary of Utah Low-Income Housing Tax Credit - Utah

Form TC-40LI Summary of Utah Low-Income Housing Tax Credit - Utah

What Is Form TC-40LI?

This is a legal form that was released by the Utah State Tax Commission - a government authority operating within Utah. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is TC-40LI?
A: TC-40LI is a form used to summarize the Utah Low-Income Housing Tax Credit.

Q: What is the purpose of the Utah Low-Income Housing Tax Credit?
A: The purpose of the Utah Low-Income Housing Tax Credit is to encourage the development and preservation of affordable rental housing in Utah.

Q: Who is eligible for the Utah Low-Income Housing Tax Credit?
A: Developers and sponsors of qualified low-income housing projects in Utah are eligible for the tax credit.

Q: What information is required in the TC-40LI form?
A: The TC-40LI form requires information such as the project name, address, number of qualified units, and the amount of tax credit requested.

Q: How is the Utah Low-Income Housing Tax Credit calculated?
A: The tax credit is calculated based on the eligible basis of the qualified low-income housing project and the applicable percentage as determined by the Utah State Tax Commission.

Q: Is the Utah Low-Income Housing Tax Credit refundable?
A: No, the tax credit is non-refundable. However, any unused portion of the tax credit can be carried forward for up to five years.

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Form Details:

  • Released on June 1, 2020;
  • The latest edition provided by the Utah State Tax Commission;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;

Download a fillable version of Form TC-40LI by clicking the link below or browse more documents and templates provided by the Utah State Tax Commission.

Download Form TC-40LI Summary of Utah Low-Income Housing Tax Credit - Utah

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