A partnership S Corporation or Limited Liability Company may elect to pay the recapture of the low income housing credit for its
A schedule should also be attached which lists the member s name ID number and amount of credits recaptured The payment on the
In the event there is no composite tax due the total recaptured credits should be put on Line 1
IT CR shall relieve the member from reporting and paying the recaptured credits on the member s income tax return The same rules
Low Income Housing Credit Recapture
members on Form IT CR
on Line 1 of the Form IT CR for the year of recapture
recaptured credits
regarding penalties (including the underestimated tax penalty) and interest that apply to normal composite tax shall apply to the
This may be done for nonresident members as well as resident members Such recaptured credits shall be added to the composite tax
