Get the free DTF-624 - tax ny

This form is to be attached to the New York State franchise tax return or income tax return for claiming the low-income housing credit, detailing current-year credit, computation of credit for corporations,

How to fill out dtf-624 - tax ny

How to fill out DTF-624

1. Obtain the DTF-624 form from the New York State Department of Taxation and Finance website or your local tax office.
2. Fill in your personal information in the designated sections, including your name, address, and identification number.
3. Provide details about your business activities and any relevant income sources.
4. Report the applicable deductions and credits that you are eligible for.
5. Double-check all entries for accuracy, ensuring that all required fields are completed.
6. Sign and date the form to certify the information is correct.
7. Submit the completed DTF-624 form by the due date, either electronically or via mail.

Who needs DTF-624?

1. Businesses that are registered in New York and are required to report their sales and use tax information.
2. Taxpayers seeking to claim certain deductions or tax credits related to business activities.

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 tax form used by businesses in New York State to report and pay the state's corporate franchise tax.

Who is required to file DTF-624?

Corporations and certain other business entities operating in New York State that are subject to corporate franchise tax are required to file DTF-624.

How to fill out DTF-624?

To fill out DTF-624, businesses must provide their identifying information, calculate their tax liability based on their income and applicable tax rates, and report any credits or payments made.

What is the purpose of DTF-624?

The purpose of DTF-624 is to allow businesses to report their corporate income and calculate the amount of franchise tax they owe to the state of New York.

What information must be reported on DTF-624?

DTF-624 requires businesses to report their total income, allowable deductions, tax credits, payments made, and any other relevant financial information necessary to calculate their tax liability.