Who does the Low Income housing tax credit give federal income taxes to?
Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
What is GA Low Income tax credit?
The low income credit is a nonrefundable credit. It can not generate a refund for you- only lower your tax owed. The Low-Income Credit worksheet is found on page 20, within the Georgia Instructions and is automatically generated in the program for qualifying taxpayers.
What is located on the IRS Form 8609?
More In Forms and Instructions A separate Form 8609 must be issued for each building in a multiple building project. This form can be used to: obtain a housing credit allocation from the housing credit agency, and.
How do I apply for a Lihtc program?
1: Obtain the application.
- After finding a LIHTC apartment in your area, select the green “Contact” button and either: Select “Send a Message”
- Applications are usually available online, by mail, or in the housing authority’s office.
- An application fee to rent a LIHTC apartment will often be required.
What is considered low income for taxes?
with three or more qualifying children, $50,954, or $56,844 if married filing jointly. with two qualifying children, $47,440, or $53,330 if married filing jointly. with one qualifying child, $41,756 or $47,646 if married filing jointly. with no qualifying children, $15,820 or $21,710 if married filing jointly.
How much do you get back in taxes for a child in 2019?
This new tax plan included the following changes to the CTC: The credit amount (per child) increased from $1,000 to $2,000. The CTC is refundable up to $1,400.
What does 8609 mean?
Low Income Housing Credit Certification
IRS Form 8609 means the IRS Form entitled “Low Income Housing Credit Certification” issued by OHFA no later than the end of the calendar year that such Building is Placed-In-Service or to be issued. The IRS Form 8609 establishes the maximum Credit for a Building. Sample 1.
What is a 8609?
Form 8609 can be used to obtain a housing credit allocation from the housing credit agency. A separate Form 8609 must be issued for each building in a multiple building project. Form 8609 is also used to certify certain information. Housing credit agency.
What is a tax credit rental property?
A tax credit property is an apartment complex or housing project owned by a landlord who participates in the federal low-income housing tax credit (LIHTC) program. The program is designed to encourage private investors to build housing for low-income populations.