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 2023 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.
|Part 1 – Allocation of credit – Completed by New York State Division of Housing and Community Renewal (DHCR) (see instructions)|
|1a||a Date of allocation (mm-dd-yyyy)||1b||1b|
|3b||Mark an X in the box||3b|
|5||Date building placed in service (mm-dd-yyyy)|
|6||Mark 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)|
|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)|
|7a||Date building placed in service (mm-dd-yyyy)||7b||7b|
|8b||Are you treating this building as part of a multiple building project for purposes of IRC section 42?|
|9a||If box 6a or box 6d is marked, do you elect to reduce eligible basis under IRC section 42(i)(2)(B)?|
|9b||For 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))?|
|10||Mark 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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