California Form 3521 PDF Details

In the landscape of tax credits that bolster affordable housing development, the California Form 3521, titled "Low-Income Housing Credit," emerges as a pivotal instrument for entities engaged in providing low-income housing options. Tailored for the 2020 taxable year, this form serves as an attachment to the California tax return, requesting pertinent details such as Social Security or Individual Taxpayer Identification Numbers, Corporation Numbers, and the Federal Employer Identification Number, alongside Building Identification Numbers (BINs) for the property(ies) in question. Part I of the form delves into the available credit, probing whether the eligible basis of any project has diminished since the issuance of form CTCAC 3521A by the California Tax Credit Allocation Committee. It further consolidates current year credits, inclusive of any affiliated corporation or pass-through low-income housing credits from other entities, setting the stage for calculating the total available low-income housing credit. With sections dedicated to carryover computation and basis recomputations—should the basis in a project decrease—the Form 3521 underscores the procedural dynamics for claiming low-income housing credits, underscoring a nuanced approach to fostering affordable housing ventures within California’s regulatory domain.

QuestionAnswer
Form NameCalifornia Form 3521
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namescarryover, FTB, CALIFORNIA, RTC

Form Preview Example

TAXABLE YEARCALIFORNIA FORM

2020 Low-Income Housing Credit

3521

Attach to your California tax return.

 

Name(s) as shown on your California tax return

SSN or ITIN   CA Corporation no.   FEIN

Building identification number (BIN). If more than one building, attach a list of all BINs for this credit.

California Secretary of State (SOS) file number

Part I Available Credit

1Has the eligible basis of any project or building decreased since you received form CTCAC 3521A from the California Tax Credit Allocation Committee?

Yes No If “Yes,” complete Part III before continuing. See General Information C.

 

2 Current year credit. See instructions. . . . . . . . . . . . . . . . . . 對 . . . . . . . . . .   2

00

3Enter any affiliated corporation or pass-through low-income housing credits from other entities below. See instructions.

If you

Current year

(a)

(b)

(c)

(d)

are a

low-income housing

Name of entity passing

Identification numbers –

BIN

Total amount of affiliated

 

credits from –

through the credit –

California corporation,

 

corporation or pass-through

 

 

 

FEIN, etc.

 

credit(s)

Corporation

FTB 3521, line 10

 

 

 

 

 

 

of the affiliated

 

 

 

 

 

 

corporation

 

 

 

 

00

S corporation

Schedule K-1

 

 

 

 

 

shareholder

(100S), line 13a

 

 

 

 

00

Beneficiary

Schedule K-1 (541),

 

 

 

 

 

 

line 13d

 

 

 

 

00

Partner or

Schedule K-1 (565,

 

 

 

 

 

LLC member

568), line 15b

 

 

 

 

00

Total pass-through low-income housing credit. Add the amounts in column (d) . . . . . . . . . . .   3

4 Current year low-income housing credit. Add line 2 and line 3 . . . . . . . . . . . . . . . . . 對   4

5Enter the amount of low-income housing credit on line 4 that is from passive activities.

If none of the amount on line 4 is from passive activities, enter -0- . . . . . . . . . . . . . . . .5

6 Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . 對 . . . . . . . . . . . . . .   6

7Enter the allowable low-income housing credit from passive activities. See instructions . . . . . . . .   7

8 Low-income housing credit carryover from prior year . . . . . . . . . . . . . . . . . 對 . . .   8

9 Add line 6 through line 8 . . . . . . . . . . . . . . . . . 對 . . . . . . . . . . . . . . .   9

10Corporations only: Amount of low-income housing credit allocated to affiliated corporations. See instructions.

Corporation name

California corporation number

Amount of credit allocated

00

00

00

00

00

00

00

Total amount of low-income housing credit allocated. If you are not a corporation, enter -0- . . . . . . 10

11 Total available low-income housing credit. Subtract line 10 from line 9 . . . . . . . . . . . . . . 11

00

00

 

 

 

7301203

 

 

 

For Privacy Notice, get FTB 1131 ENG/SP.

FTB 3521  2020  Side 1

 

Part II Carryover Computation

12a Credit claimed. Enter the amount of the credit claimed on the current year tax return.

See instructions. . . . . . . . . . . . . . . . . . 對 .

. . . . . . . . . . . . . . . .12a

(Do not include any assigned credit claimed on form FTB 3544,

Part B.)

12b Total credit assigned. Enter the total amount from form FTB 3544, Part A, column (g).

If you are not a corporation, enter -0-. See instructions . . . . . . . . . . . . . . . . . 對 . .12b

13 Credit carryover available for future years. Add line 12a and line 12b, subtract the result from line 11 . . 13

00

00

00

Part III Basis Recomputations. Complete this part only if the basis in a project or building has decreased. Use additional sheets if necessary.

14Date building was placed in service (month/year) . . . . .

15 BIN . . . . . . . . . . . . . . . . . 對 . . . . .

16Eligible basis of building. See General Information C . . . .

17Low-income portion (lesser of unit percentage or floor-space percentage). See instructions . . . . . . . .

18Qualified basis of low-income building. Multiply line 16

by line 17 . . . . . . . . . . . . . . . . . 對 . . .

19Applicable percentage. See General Information B . . . . .

20Multiply line 18 by line 19. See Specific Line Instructions for Part I, line 2 . . . . . . . . . . . . . . . . . 對 . .

14

15

16

17

18

19

20

(a)

Building 1

(b)

Building 2

(c)

Total

 

Side 2  FTB 3521  2020

7302203

How to Edit California Form 3521 Online for Free

Our top computer programmers worked hard to create the PDF editor we are pleased to deliver to you. This application permits you to quickly create carryover and can save valuable time. You simply need to adhere to this particular guide.

Step 1: On this website page, select the orange "Get form now" button.

Step 2: After you have entered the carryover editing page you'll be able to see every one of the options you may undertake about your document from the upper menu.

To prepare the template, enter the information the application will require you to for each of the following parts:

part 1 to completing LLCs

You have to fill in the Current year lowincome housing, Enter the amount of lowincome, If none of the amount on line is, Subtract line from line, Enter the allowable lowincome, Lowincome housing credit, Add line through line, Corporations only Amount of, Corporation name, California corporation number, Amount of credit allocated, Total amount of lowincome housing, and Total available lowincome housing space with the requested particulars.

step 2 to finishing LLCs

Inside the section talking about Part II Carryover Computation, a Credit claimed Enter the amount, See instructions, b Total credit assigned Enter the, If you are not a corporation enter, Credit carryover available for, Part III Basis Recomputations, a Building, b Building, c Total, Date building was placed in, BIN, Eligible basis of building See, Lowincome portion lesser of unit, and floorspace percentage See, one should jot down some required information.

Completing LLCs part 3

The Applicable percentage See General, Multiply line by line See, and Part I line segment should be applied to put down the rights or responsibilities of each party.

Finishing LLCs step 4

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