The credit is claimed as a refundable credit against the owner's tax liability, provided the amount of the refund is less than the credit paid. The maximum number of units eligible for the credit is the least of 25 percent of the maximum amount of the lowest cost housing in a year and 150 percent of the annual adjusted income for the unit in the highest tax bracket at the time of filing. The credit rate for each unit is a percentage of a unit's income for the period from the unit's first month of occupancy at the beginning of the first year to the end of the preceding year, which is generally the 12-month period starting with the month in which the maximum number of units eligible for the New York state housing rent tax credit is calculated. When a unit moves into a new construction or renovation project, the first unit to move into a building may qualify for this credit. The credit is phased out over any period when property is used for purposes unrelated to rental; as a result of the phase-out rule the first full year in which occupancy is unrelated to rental will be in the second year following such use. A person with a New York State income below 100,000 for filing an individual tax return, and 125,000 for filing a married filing jointly return, may qualify for this credit if: (i) the person can show a reasonable cause for the deficiency, and (ii) the credit does not increase the person's tax liability. The New York state low-income housing tax credit is subject to annual limitation as set forth in New York State Revenue Law Section 9-101, entitled “Limitations on Low-Income Housing Credits”. This annual reduction in the credit was scheduled to expire December 31, 2015. Because the credits are subject to annual limitation, the credit amounts as of the beginning of the following year or year's tax year shall be reduced in such amount. If more units than those needed to pay income tax are taken off the tax rolls because of the credit and an increase in the credit is allowed, the income tax rates in effect for those years shall not be altered.
Get the free Form DTF-624-I: 2004 , Instructions for Form DTF-624, DTF624I - tax ny
Show details
New York State Department of Taxation and Finance Instructions for Form DTF-624 Claim for Low-Income Housing Credit General information Use Form DTF-624 to claim the low-income housing credit. The
We are not affiliated with any brand or entity on this form
Get, Create, Make and Sign
Edit your form dtf-624-i 2004 instructions form online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share your form instantly
Email, fax, or share your form dtf-624-i 2004 instructions form via URL. You can also download, print, or export forms to your preferred cloud storage service.
How to edit form dtf-624-i 2004 instructions online
Follow the steps below to use a professional PDF editor:
1
Register the account. Begin by clicking Start Free Trial and create a profile if you are a new user.
2
Simply add a document. Select Add New from your Dashboard and import a file into the system by uploading it from your device or importing it via the cloud, online, or internal mail. Then click Begin editing.
3
Edit form dtf-624-i 2004 instructions. Rearrange and rotate pages, insert new and alter existing texts, add new objects, and take advantage of other helpful tools. Click Done to apply changes and return to your Dashboard. Go to the Documents tab to access merging, splitting, locking, or unlocking functions.
4
Save your file. Select it from your records list. Then, click the right toolbar and select one of the various exporting options: save in numerous formats, download as PDF, email, or cloud.
pdfFiller makes working with documents easier than you could ever imagine. Register for an account and see for yourself!
Fill form : Try Risk Free
For pdfFiller’s FAQs
Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.
What is form dtf-624-i instructions for?
form dtf-624-i instructions are used for providing guidance and instructions on how to complete and submit form dtf-624-i.
Who is required to file form dtf-624-i instructions for?
Any taxpayer who needs to complete and submit form dtf-624-i is required to do so as per the tax regulations.
How to fill out form dtf-624-i instructions for?
To fill out form dtf-624-i instructions, you need to carefully read the provided instructions and follow the step-by-step guidelines provided.
What is the purpose of form dtf-624-i instructions for?
The purpose of form dtf-624-i instructions is to assist taxpayers in properly completing and filing the form to ensure compliance with tax regulations.
What information must be reported on form dtf-624-i instructions for?
The specific information required to be reported on form dtf-624-i instructions may vary, but generally, it includes details about the taxpayer's income, deductions, credits, and tax liability.
When is the deadline to file form dtf-624-i instructions for in 2023?
The exact deadline to file form dtf-624-i instructions for in 2023 will be specified by the tax authorities and communicated to taxpayers before the due date.
What is the penalty for the late filing of form dtf-624-i instructions for?
The penalty for late filing of form dtf-624-i instructions may vary depending on the tax regulations and the specific circumstances. It is advisable to consult with the tax authorities or a tax professional for accurate and up-to-date information.
How do I modify my form dtf-624-i 2004 instructions in Gmail?
You may use pdfFiller's Gmail add-on to change, fill out, and eSign your form dtf-624-i 2004 instructions as well as other documents directly in your inbox by using the pdfFiller add-on for Gmail. pdfFiller for Gmail may be found on the Google Workspace Marketplace. Use the time you would have spent dealing with your papers and eSignatures for more vital tasks instead.
How can I send form dtf-624-i 2004 instructions to be eSigned by others?
Once your form dtf-624-i 2004 instructions is ready, you can securely share it with recipients and collect eSignatures in a few clicks with pdfFiller. You can send a PDF by email, text message, fax, USPS mail, or notarize it online - right from your account. Create an account now and try it yourself.
How can I edit form dtf-624-i 2004 instructions on a smartphone?
The pdfFiller apps for iOS and Android smartphones are available in the Apple Store and Google Play Store. You may also get the program at https://edit-pdf-ios-android.pdffiller.com/. Open the web app, sign in, and start editing form dtf-624-i 2004 instructions.
Fill out your form dtf-624-i 2004 instructions online with pdfFiller!
pdfFiller is an end-to-end solution for managing, creating, and editing documents and forms in the cloud. Save time and hassle by preparing your tax forms online.
Not the form you were looking for?
Keywords
Related Forms
If you believe that this page should be taken down, please follow our DMCA take down process
here
.
