DTF-624: Claim for Low-Income Housing Credit (2024)
New York · NY DTF · Used for tax years 2024
Form DTF-624 is used to claim New York’s low-income housing credit. It reports current-year credits, carryovers, transferred credits, and allocated shares, and calculates the credit used and the amount carried forward.
Who files this form
Form DTF-624 is used to claim the New York low-income housing credit. The form provides filing directions for individuals, partnerships, fiduciaries, New York S corporations, C corporations, and corporate partners.
It also covers partners, New York S corporation shareholders, and estate or trust beneficiaries who receive a share of the credit, as well as transferees who receive a transferred credit.
What you'll need
Have the following forms and information available, as applicable:
- Your name and taxpayer identification number, as shown on your tax return.
- Forms DTF-625-ATT for the current-year credit. Enter the number included on line 1 and their total credit on line 3.
- Your credit carryover amount for line 4.
- Forms DTF-626 if reporting recapture. Line 10 uses the total from line 14 of those forms.
- Building identification numbers (BINs), including those for buildings whose qualified basis decreased.
- For credits received from an entity or transferor: its name, entity type, taxpayer identification number, building BIN, and credit amount or your share of the credit.
- Your SLIHC tracking ID if claiming the credit as a transferee.
- Tax and other-credit amounts from your return for the applicable credit calculation.
Fiduciaries also need beneficiary names as shown on Form IT-205, Schedule C, taxpayer identification numbers, building BINs, and shares of the credit.
How to file
File Form DTF-624 with the applicable return: Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, CT-33-NL, IT-201, IT-203, IT-204, or IT-205.
Complete the parts that apply to you:
- Individuals: Complete Part 6.
- Partnerships: Enter the line 8 amount and code 624 on Form IT-204, line 147. Complete Part 4 if applicable.
- Fiduciaries: Complete Parts 3 and 6.
- Partners, New York S corporation shareholders, and estate or trust beneficiaries: Complete Parts 5 and 6. Corporate partners must complete Part 2.
- New York S corporations: Enter the line 8 amount on the appropriate line of Form CT-34-SH. Complete Part 4 if applicable.
- C corporations, including corporate partners: Complete Part 2 to calculate the credit to transfer to your franchise tax return.
- Transferees: Complete Part 5 and the other parts required for your entity type.
Common mistakes
- Leaving out applicable parts: If more than one filing category applies, complete all appropriate parts on one Form DTF-624.
- Completing Part 2 as a New York S corporation: The form specifically says New York S corporations do not complete this part.
- Skipping Part 4 for multiple buildings: A partnership or New York S corporation must complete Part 4 if its line 3 credit is attributable to more than one building.
- Using the wrong Part 5 schedule: Use Schedule 5a for direct transfers, Schedule 5b for credit from flow-through entities that are transferees, and Schedule 5c for credit from flow-through entities that are not transferees.
- Missing the status boxes: Corporate partners must mark box A. Transferees must mark box B and enter the SLIHC tracking ID.
Questions people ask
What if a building's qualified basis decreased?
Answer Yes on line 2 if any building's qualified basis decreased since the close of the preceding tax year. Enter each affected building's BIN. Use a separate schedule if you need more space.
Where do I report a credit transferred directly to me?
Complete Part 5, Schedule 5a. Identify each transferor, its entity type and taxpayer identification number, the building BIN, and the credit amount transferred to you. Enter the total on line 5a.
Where does the form calculate unused credit to carry forward?
For corporations completing Part 2, line 18 calculates the carryforward by subtracting line 17 from line 11. For Article 22 filers completing Part 6, line 23 calculates the amount available to carry over to the next year by subtracting line 22 from line 8.
How is credit allocated to beneficiaries reported?
Part 3 lists each beneficiary's name, taxpayer identification number, building BIN, and share of the credit. The fiduciary enters the credit allocated to beneficiaries on line 7 and subtracts that amount from line 6 to calculate line 8.