Form Lpc 1 Schedule A – Fill Out and Use This PDF

For a Pass-Through Entity, Name

FEIN

Phone Number

For a pass-through entity, do you have a tax matters representative? Representative’s Phone Number

 No  Yes (If Yes, Enter Name)

Original Credit Transaction Number (For Ofice Use Only)

LP

Lines not mentioned below are self-explanatory.

This Schedule should be used by multiple donors (including married spouses when both are on the deed) and pass-through entities to report the details of their credit allocations.

the statute relates the 2% fee to the donated interest and the credit is 40% of that igure, when calculating the fee at the credit level it equates to 5% of the credit

amount being transferred or allocated. An example of the calculation is as follows:

A pass-through entity may appoint a Tax Matters Representative whom the Tax Commissioner may consult with regarding credits that have been allocated or transferred. This representative may be a general partner, a member, a manager or a shareholder. If a Tax Matters Representative has been appointed, check the “yes” box

Scenario Presented in VA. CODE § 58.1-513

$10,000 (donated interest being transferred/allocated)

x . 02 (fee multiplier imposed by statute)

$200 (fee dollars collected

by statute)

and enter the representative’s name and phone number in the appropriate boxes.

• If you are a pass-through entity (such as an S

Corporation), provide the information requested for

each person or pass through entity receiving a credit.

A separate Schedule A must be completed for each

Calculation

of Credit

Value

$10,000 (donated interest being transferred/allocated)

x.40 (credit multiplier

imposed by statute) $4,000 (credit value of the

donated interest)

additional entity receiving a credit.

• Attach additional pages, if needed.

• All business taxpayers should be registered with TAX

before completing Form LPC-1. If not registered,

please complete Form R-1.

• For a donation made on or before December 31, 2006,

complete Section I (if applicable) and II.

• For a donation made on or after January 1, 2007,

complete Sections I (if applicable), II and III. Please

note multiple owners who are listed separately on the

deed do not owe a fee.

• If the allocation is to more than 15 persons/entities,

we recommend submitting a CD or disc. Please call

804-786-2992 for the required spreadsheet format.

Section III – Calculation of Fee

General Information

This section must be completed for an allocation made by

a pass-through of a credit which derived from a donation made on or after January 1, 2007.

A 2% fee of the appraised value of the donated interest

shall be imposed on all transfers arising from the sale of credits and on all pass-through allocations. Because

If $200 is the amount of fee collected at the donated

interest level, what percentage of the credit value generates the same fee amount?

	Same	$4,000 (x) = $200
	scenario
		x = $200/$4000
	based on
		x = .05 or 5%
	credit value

For donations recorded from January 1, 2007 - June 30,

2010, the fee is capped at $10,000 per credit holder per donation. For donations recorded on or after July 1, 2010, the cap has been removed. If you are transferring/

allocating credits derived from more than one donation,

you must ile a separate LPC-1, Schedule A for the credits

derived from each donation and your fees may exceed $10,000. This fee does not apply to transfers/allocations made in 2007 and beyond on donations made prior to January 1, 2007.

TAX recommends that you pay with a certiied check or money order. Personal checks may delay the

processing of your transfers/allocations.