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New York Tax Form 625: Low-Income Housing Credit Allocation and Certification

Use the New York Tax Form Calculator New York Tax Form 625: Low-Income Housing Credit Allocation and Certification as a stand alone tax form calculator to quickly calculate specific amounts for your 2018 New York state tax return. New York Tax Form 625: Low-Income Housing Credit Allocation and Certification is also integrated into our comprehensive New York State Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and New York State Tax Estimator to quickly calculate your salary, tax and take home pay in New York.

Low-Income Housing Credit Allocation and Certification
Part 1 – Allocation of credit – Completed by New York State Division of Housing and Community Renewal (DHCR) (see instructions)
1aa Date of allocation (mm-dd-yyyy) 1b1b
22
3a3a
3bMark an X in the box 3b
44
5Date building placed in service (mm-dd-yyyy)
6Mark an X in the boxes that describe the allocation for the building (mark all that apply):
Newly constructed and federally subsidized IRC section 42(e) rehabilitation expenditures not federally subsidized
Newly constructed and not federally subsidized Allocation subject to nonprofit set-aside under IRC section 42(h)(5)
Existing building
IRC section 42(e) rehabilitation expenditures federally subsidized
Part 2 – First-year certification – Completed by building owner with respect to the first year of the credit period (see instructions)
7aDate building placed in service (mm-dd-yyyy) 7b7b
8a8a
8bAre you treating this building as part of a multiple building project for purposes of IRC section 42?
9aIf box 6a or box 6d is marked, do you elect to reduce eligible basis under IRC section 42(i)(2)(B)?
9bFor market-rate units above the average quality standards of low-income units in the building, do you elect to reduce the eligible basis by disproportionate costs of non-low-income units (IRC section 42(d)(3)(B))?
10Mark the appropriate box for each election:
Caution: Once made, the following elections are irrevocable.
a   Elect to begin credit period the first year after the building is placed in service (IRC section 42(f)(1))
b   Elect not to treat large partnership as taxpayer (IRC section 42(j)(5))
c   Elect minimum set-aside requirement (IRC section 42(g))   40-60
d   Elect minimum set-aside requirement (Public Housing Law, section 21(5)(b))
e   Elect deep-rent-skewed project (IRC section 142(d)(4)(B))

Tip: use the New York Tax Calculator to edit your refundable and non-refundable tax credits including New York Tax Form 625: Low-Income Housing Credit Allocation and Certification. Complete, Calculate, print and or save your tax calculation for later use.

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