Get the free DTF-624 - tax ny

This form is used by building owners and partners to claim low-income housing credits from the New York State Department of Taxation and Finance, as part of their tax returns.

How to fill out dtf-624 - tax ny

How to fill out DTF-624

1. Obtain a copy of the DTF-624 form from the New York State Department of Taxation and Finance website.
2. Fill in your personal information, including name, address, and identification number.
3. Indicate the type of transaction for which you are requesting a refund or credit.
4. Provide details of the tax payments made, including amounts and dates.
5. Complete any required sections regarding specific tax credits or refunds you are applying for.
6. Review the filled form for accuracy and completeness.
7. Sign and date the form where indicated.
8. Submit the completed form to the appropriate address provided in the instructions.

Who needs DTF-624?

1. Individuals or businesses that have overpaid their New York State taxes.
2. Taxpayers seeking a refund for any eligible tax credits.
3. Taxpayers who need to report and rectify errors in previously filed tax returns.

People Also Ask about

How much is the housing credit?

The percentage is larger for new construction or substantial rehabilitation (roughly 9 percent but specified in the law as a 70 percent present value credit) than for properties acquired for rehabilitation or for projects funded using tax-exempt bonds (roughly 4 percent but specified as a 30 percent present value

What is the difference between hud and LIHTC?

While the LIHTC program requires the property to be affordable for a certain period, HUD requires the property to remain affordable permanently, so your housing affordability will not be impacted by the LIHTC program.

What is the 50% test for low income housing tax credit?

The test is to verify that 50% or more of the tax-exempt bond proceeds are used to finance the aggregate basis of any building and the land on which the building is located. Failure to meet the 50% Test is catastrophic to a low-income housing tax credit project.

How much does the low-income housing tax credit cost?

An LIHTC housing project must rent to tenants whose average income is below the area's median income, and this commitment must be maintained for a period of 15 years. The tax credit costs the U.S. government an estimated $13.5 billion every year.

How to qualify for 4% LIHTC?

A project qualifies to receive the 4 percent credits if at least 50 percent of its funding comes from tax-exempt private activity bonds provided by the state, and it meets some criteria set out in the state's QAP.

What is the form 8586 for low-income housing credit?

Use Form 8586 to claim the low-income housing credit. This general business credit is allowed for each new qualified low-income building placed in service after 1986. Generally, it is taken over a 10-year credit period.

For pdfFiller’s FAQs

What is DTF-624?

DTF-624 is a form used by taxpayers in New York State to report and pay sales and use tax due on purchases made from out-of-state vendors.

Who is required to file DTF-624?

Any New York State resident or business that has made purchases from out-of-state vendors that are subject to sales and use tax is required to file DTF-624.

How to fill out DTF-624?

To fill out DTF-624, taxpayers should provide their identification information, report the total sales tax owed on their purchases, and include any applicable details as requested in the form.

What is the purpose of DTF-624?

The purpose of DTF-624 is to ensure compliance with New York State sales and use tax laws by allowing taxpayers to report and remit taxes due on out-of-state purchases.

What information must be reported on DTF-624?

DTF-624 requires taxpayers to report their name, address, identification numbers, total purchases subject to tax, and calculate the total sales tax that is owed.