Enter the total of the credits from Part I of the IA 148 Tax Credits Schedule. IA 148 Tax Credits Schedule (pdf) must be completed.

Agricultural Assets Transfer Tax Credit

A tax credit for agricultural asset transfers from a taxpayer to beginning farmers is available for individual and corporation income taxpayers.

The tax credit is only allowed for agricultural assets that are subject to a lease or rental agreement. The lease must be for a term of at least two years, but not more than five years. The taxpayer must meet certain qualifications as established by rules adopted by the Iowa Finance Authority. The beginning farmer must be eligible to receive financial assistance as required by Code section 16.75.

The tax credit is based upon the gross amount paid to the taxpayer under the lease agreement by the beginning farmer. The tax credit equals 7% of the amount paid to the taxpayer under a cash rent agreement or 17% of the crop share payments under an agreement in which the payment is exclusively made from the sale of crops or animals.

If the beginning farmer is a veteran, the credit is 8% or 18% for the first year of the agreement.

A tax credit certificate is issued by the Iowa Agricultural Development Division of the Iowa Finance Authority that includes the tax credit certificate number which must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 17. Any tax credit in excess of the tax liability is not refundable, but if awarded in tax year 2008 or later, can be carried forward for the following ten years or until depleted, whichever is earlier. A tax credit is not transferable to any other person other than the taxpayer's estate or trust upon the taxpayer's death. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

The lease or rental agreement may be terminated by either the taxpayer or the beginning farmer. If the Iowa Agricultural Development Division determines that the taxpayer is not at fault for the termination, the Division will not issue a tax credit certificate for subsequent years, but any prior tax credit certificates issued will be allowed. If the Division determines that the taxpayer is at fault for the termination, any prior tax credit certificates issued will be disallowed, and the tax credits can be recaptured by the Department of Revenue.

Sections 422.11M and 422.33 (21); 16.78 - 16.82

Charitable Conservation Contribution Tax Credit

Effective for tax years beginning on or after January 1, 2008, a tax credit is available for individual income and corporation income tax equal to 50% of the fair market value of a qualified real property interest located in Iowa that is conveyed as an unconditional charitable donation in perpetuity by a taxpayer to a qualified organization exclusively for conservation purposes.

The maximum amount of the credit is $100,000. The amount of the contribution for which the tax credit is claimed is not deductible as an itemized deduction for Iowa income tax purposes.

The terms “conservation purpose,” “qualified organization,” and “qualified real property interest” mean the same as set forth in section 170(h) of the Internal Revenue Code. Any tax credit in excess of the tax liability is not refundable but may be credited to the tax liability for the following 20 years or until depleted, whichever is earlier.

Taxpayers filing credit claims for the Charitable Conservation Contribution Tax Credit are required to include a copy of federal Form 8283 – Noncash Charitable Contribution with the Iowa return. If a qualified appraisal of the property or other relevant information is required to be included with the federal Form 8283 for federal tax purposes, the appraisal and other relevant information must also be included with the Iowa return. The credit claimed must be reported on the IA 148 Tax Credits Schedule using tax credit code 20.

Sections 422.11W and 422.33 (25)

Custom Farming Contract Tax Credit

For tax years beginning on or after January 1, 2013, a custom farming credit is available for landowners who hire a beginning farmer to do custom work and allows the landowner to claim 7% of the value of the contract on a tax credit. If the beginning farmer is a veteran, the credit is 8% for the first year. The credit is administered by the Iowa Agricultural Development Division of the Iowa Finance Authority.

The taxpayer must pay the beginning farmer on a cash basis, and the contract must be in writing for a term of not more than 24 months. The total cash payment must equal at least $1,000. The maximum credit issued to a taxpayer is $50,000.

A tax credit certificate is issued by the Iowa Agricultural Development Division of the Iowa Finance Authority that includes the tax credit certificate number which must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 24. Any credit in excess of the tax liability is not refundable, but can be carried forward for ten years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Sections 422.11M and 422.33 (21); 16.78 - 16.82

Endow Iowa Tax Credit

The Endow Iowa Tax Credit is equal to 25% of a taxpayer's endowment gift to a qualified community foundation. The gift must be for a permanent endowment fund established to benefit a charitable cause in Iowa. The Iowa Economic Development Authority is responsible for registering and authorizing the tax credits, and controlling the distribution of these tax credits.

Any tax credit in excess of the taxpayer's tax liability can be carried forward for the following five years or until depleted, whichever occurs first. The amount of the contribution cannot be taken as an itemized deduction for charitable contributions for Iowa income tax purposes.

An individual can claim the credit for a gift made by a partnership, limited liability company, S corporation, estate, or trust electing to have the income taxed to the individual, based on the pro rata share of earnings from the pass-through entity.

When the tax credit is awarded, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 03. Any credit in excess of the tax liability is not refundable, but the excess can be carried forward to the tax liability for the next five years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Sections 422.11H, 422.33(14) and 422.60(7)

Farm to Food Donation

For tax years beginning on or after January 1, 2014, a Farm to Food Donation Tax Credit is available for individual and corporation income tax. In order to qualify for the credit, the taxpayer must produce a food commodity and donate it to an Iowa food bank or an Iowa emergency feeding organization registered with the Iowa Department of Revenue. The donated food may not be damaged or out-of-condition and unfit for human consumption. A food commodity that meets the requirements for donated foods pursuant to the Federal Emergency Food Assistance Program satisfies this requirement.

The tax credit is available for 15% of the value of the food commodities donated in the tax year, when valued according to the federal guidelines for charitable contribution of food under Internal Revenue Code section 170(e)(3)(c), or $5,000, whichever is less. The amount of the contribution for which the tax credit is claimed is not allowed as an itemized deduction for Iowa income tax.

For a donation to be eligible, an Authorized Food Organization Receipt must be received from the food organization. The taxpayer then must complete that receipt and send it to the Iowa Department of Revenue by January 15 of the year following the tax year in which the donation was made. When the tax credit is awarded by the Iowa Department of Revenue, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 03. Any credit in excess of the tax liability is not refundable, but the excess can be carried forward to the tax liability for the next five years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Sections 422.11E and 422.33(30)

Film Expenditure Tax Credit

This credit was repealed for tax years beginning on or after January 1, 2012, so only unused awarded credits from a prior year may be claimed for 2014.

Film Investment Tax Credit

This credit was repealed for tax years beginning on or after January 1, 2012, so only unused awarded credits from a prior year may be claimed for 2014.

Franchise Tax Credit

If a financial institution as defined in section 581 of the Internal Revenue Code elects to file as an S corporation for federal income tax purposes and therefore have its income taxed directly to the shareholders, those shareholders qualify for a franchise tax credit. Starting with any financial institutions organized as limited liability companies on or after July1, 2004, the franchise tax credit is also available to members of the limited liability company.

Iowa imposes a franchise tax on all financial institutions, and Iowa does not recognize the S corporation or limited liability company election for Iowa franchise tax purposes. Therefore, the franchise tax credit is allowed to avoid double taxation of income.

The IA 147 (pdf) must be used to calculate the credit. Include this form with your return. Report the claim on the IA 148 Tax Credits Schedule using tax credit code 04.

The amount of any unused credit may not be carried forward and must be reflected as expired on the IA 148 Tax Credits Schedule.

Sections 422.11 and 422.33(8)

Geothermal Heat Pump Tax Credit

Effective for tax years beginning on or after January 1, 2012, a geothermal heat pump tax credit is available for individual income tax equal to 20% of the federal residential energy efficient property tax credit allowed for geothermal heat pumps provided in section 25D(a)(5) of the Internal Revenue Code for residential property located in Iowa.

The federal credit is available for property placed in service before January 1, 2017, so the Iowa credit will be available for the 2012-2016 tax years. The federal credit is claimed on federal form 5695, Residential Energy Credits.

Report the claim on the IA 148 Tax Credits Schedule using tax credit code 23. Any credit in excess of the tax liability is not refundable, but the excess can be carried forward to the tax liability for the next ten years or until depleted, whichever is earlier.

Section 422.11I

Housing Investment Tax Credit

Starting in 1999, for taxpayers approved by the Iowa Economic Development Authority under the Eligible Housing Enterprise Zone Program, a Housing Investment Tax Credit is available equal to 10% of the new investment directly related to the building or rehabilitation of homes in an enterprise zone. The credit is based on a maximum of $140,000 for each single-family home or for each unit of a multiple dwelling. When the tax credit is awarded, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 06. Any credit in excess of the tax liability is not refundable, but the excess can be carried forward to the tax liability for the next seven years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

The program was eliminated effective July 1, 2014, and was replaced by the Workforce Housing Investment Tax Incentive Program.

Innovation Fund Tax Credit

An Innovation Fund Tax Credit equal to 25% of the taxpayer's equity investment in an innovation fund certified by the Iowa Economic Development Authority. 

The Iowa Economic Development Authority issues tax credit certificates including a tax credit certificate number, that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 25.  Any tax credit in excess of the tax liability is not refundable but may be carried forward to the tax liability for the following five years or until depleted, whichever is earlier. The credits are transferable, but may only be transferred once. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Sections 15E.52, 422.11Z, 422.33(13) and 422.60(13).

Investment Tax Credit

An Investment Tax Credit of up to 10% of the purchase price of qualifying investment in real property including any buildings and structures located on the real property, cost of machinery and equipment, and the cost of improvements to real property is available to an eligible business. An eligible business must be approved by the Iowa Economic Development Authority under the High Quality Jobs Program. Prior to July 1, 2014, awards were also made under the Enterprise Zone Program.

When the tax credit is awarded, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 07. Any credit in excess of tax liability is not refundable, but the excess can be carried forward to the tax liability for the next seven years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Sections 15.326-15.337

Iowa Alternative Minimum Tax Credit

You may be eligible for this credit if you paid Iowa alternative minimum tax in prior years based on tax preferences and adjustments. The credit is limited to the extent the regular tax exceeds the Iowa alternative minimum tax in a prior tax year and cannot be claimed in any tax year in which Iowa alternative minimum tax is owed. There is no limit on the number of years this credit can be carried forward. Compute the tax credit using form IA 8801 and include that form with the IA 1040. Report the claim on the IA 148 Tax Credits Schedule using tax credit code 09.

Sections 15.326-15.337

New Jobs Tax Credit

A new business or an existing business that has increased employment by at least 10% and has a 260E job training agreement with a community college, may qualify for the New Jobs Tax Credit. The credit can be claimed one time for each new job created as a result of the 260E contract or jobs directly related to those jobs in a tax year when the contract is active and the job growth requirement is met. The New Jobs Tax Credit, equals to 6% of the taxable wages which the employer is required to contribute to the State unemployment compensation fund or 6% of the wages paid to the employees in the eligible jobs, whichever is less.

Compute this credit on form IA 133 (pdf) and include that form with the IA 1040. When the 260E contract is signed, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the New Jobs Tax Credit is claimed using tax credit code 08.

For 2015, this tax credit equals up to $1,638 ($27,300 maximum wages times 6%) for each job created. Any credit in excess of the tax liability is not refundable, but the excess can be carried forward to the tax liability for the next ten years or until depleted, whichever is earlier. If you are a partner, shareholder, member, or beneficiary in a partnership, S corporation, limited liability company, estate or trust, a New Jobs Tax Credit may be passed-through to you. The amount of the credit is based on your pro rata share of the earnings of the qualifying entity.

Section 422.11A and 422.33(6)

Redevelopment Tax Credit

The Redevelopment Tax Credit is based on a percentage of the taxpayer's qualifying investment in redeveloping a Brownfield or Grayfield site. A Brownfield site is defined as an abandoned, idled, or underutilized industrial or commercial facility where expansion or redevelopment is complicated by real or perceived environmental contamination. A Grayfield site is defined as a property that has been developed and has infrastructure in place but the property's current use is outdated or prevents a better or more efficient use of the property. Such property includes vacant, blighted, obsolete, or otherwise underutilized property. Additional tax credit is available if the redevelopment meets established “green development” standards. Projects must apply to the Iowa Economic Development Authority to be considered for an allocation under the annual review process. When the tax credit is awarded, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 21.

In general, any credit in excess of tax liability is not refundable, but the excess can be carried forward to the tax liability for the next five years or until depleted, whichever is earlier. The Redevelopment Tax Credit can be transferred to any person or entity. Non-profit applicants can receive a refundable but nontransferable tax credit. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Note: For Iowa individual income tax purposes, the increase in the basis of the redeveloped property that would otherwise result from the qualified redevelopment costs will be reduced by the amount of the tax credit received.

Sections 15.293A, 422.11V, 422.33(26) and 422.60(14).

Renewable Energy Tax Credit

A producer or purchaser of renewable energy from a facility approved by the Iowa Utilities Board is entitled to a Renewable Energy Tax Credit equal to 1.5 cents per kilowatt hour of electricity, or $4.50 per million BTUs of heat, refuse-derived fuel, methane gas, or other biogas; or $1.44 per 1,000 standard cubic feet of hydrogen fuel.

The facilities approved cannot exceed 363 megawatts of nameplate generating capacity related to wind energy facilities, and cannot exceed the combined output of 63 megawatts of capacity and 167 billion BTUs of heat related to other facilities.

Beginning January 1, 2009, small wind energy systems operating in a small wind innovation zone will be eligible for the renewable energy tax credit of 1.5 cents per kilowatt-hour of electricity. The small wind energy system must have a nameplate generating capacity of 100 kilowatts or less.

A political subdivision of the state of Iowa, including but not limited to a city, county, township, school district, community college, area education agency, institution under the control of the state board of regents, or any other local commission, association, or tribal council can seek approval from the Iowa Utilities Board to set up a small wind innovation zone.

When the tax credit is awarded by the Iowa Department of Revenue, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 10. Any tax credit in excess of the tax liability can be carried forward for seven years. The credit can be transferred to any person or entity one time. A producer or purchaser can receive the tax credit certificates for a 10-year period.

Sections 422.11J, 422.33(16) and 422.60(8)

S Corporation Apportionment Tax Credit

Individual resident shareholders of S corporations which conduct business within and without Iowa can claim an S Corporation Apportionment Tax Credit. The credit is structured so that the S corporation is taxed on the greater of income attributable to Iowa under the single sales factor or actual distributions by the S corporation less federal income tax. The intent is to treat S corporations similar to C corporations that are entitled to apportion income within and without Iowa. If the taxpayer chooses to apportion income using the S Corporation Apportionment Tax Credit, the Out-of-State Tax Credit cannot be claimed for any taxes paid on income received from that S corporation.

For tax years beginning on or after January 1, 2013, the credit is available to estate and trust shareholders of S corporations.

Complete form IA 134 (pdf) and include with the IA 1040. Report the claim on the IA 148 Tax Credits Schedule using tax credit code 11. The amount of any unused credit may not be carried forward and must be reflected as expired on the IA 148 Tax Credits Schedule.

Section 422.8(2)(b)

School Tuition Organization Tax Credit

A School Tuition Organization Tax Credit is available for individual income tax equal to 65% of the amount of a contribution made by a taxpayer to a school tuition organization. A school tuition organization must be a charitable organization in Iowa that is exempt from federal taxation under section 501(c)(3) of the Internal Revenue Code that allocates at least 90% of its annual revenue in tuition grants for children who reside in Iowa to allow them to attend a qualified school of their parents' choice. The contribution cannot be used for the direct benefit of any dependent of the taxpayer or any other student designated by the taxpayer.

Effective for tax years beginning on or after January 1, 2013, the credit is available to partnerships, limited liability companies, S corporations, estates, and trusts, and can be claimed by the individual based on the pro rata share of the income of the entity.

The school tuition organization must represent more than one school, and they can only provide tuition grants to eligible students who are members of households whose annual income does not exceed an amount equal to three times the most recently published federal poverty guidelines published by the U.S. Department of Health and Human Services.

When the tax credit is awarded by a school tuition organization, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 12. Any credit in excess of the tax liability is not refundable but may be credited to the tax liability for the following five years or until depleted, whichever is earlier. The amount of the contribution cannot be taken as an itemized deduction for charitable contributions for Iowa income tax purposes.

NONRESIDENTS AND PART-YEAR RESIDENTS

The school tuition organization tax credit must be adjusted using the following steps:

Step 1. Divide Iowa net income (line 26, IA 126) by all-source net income of you and spouse (line 26, IA1040).

Step 2. Multiply Step 1 above by the amount of credit shown on the tax credit certificate.

Step 3. Enter this amount in column D on Part I of the IA 148.

Section 422.11S

Solar Energy System Tax Credit

Effective for tax years beginning on or after January 1, 2012, a Solar Energy System Tax Credit is available for investments made in solar energy systems installed in Iowa.

Effective for tax year 2014, for individuals, the solar energy system tax credit is equal to 60% of the federal residential energy efficient property tax credit related to solar systems provided in section 25D(a)(1) of the Internal Revenue Code for solar electric property and section 25D(a)(2) of the Internal Revenue Code for solar water heating property. The Iowa credit for an individual cannot exceed $5,000.

The federal credit is available for property placed in service before January 1, 2017, so the Iowa credit will be available for the 2012-2016 tax years. The federal credit is claimed on federal form 5695, Residential Energy Credits for individuals.

When the tax credit is awarded by the Iowa Department of Revenue, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 22. Any credit in excess of the tax liability is not refundable but may be carried forward to the tax liability for the next ten years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity.

Taxpayers who claim this credit are not eligible to receive an award to a Renewable Energy Tax Credit for solar energy production under Iowa Code chapter 476C.

Sections 422.11L, 422.33(29), and 476C.2

Venture Capital Tax Credit - Iowa Fund of Funds

Starting in 2002, a contingent tax credit is available for investments to a qualifying business, community-based seed capital fund, or a venture capital fund certified by the Iowa Capital Investment Board. The tax credit is only allowed to the extent that the actual rate of return on these investments does not meet the rate of return guaranteed to investors. The Iowa fund of funds will make investments in venture capital funds who make a commitment to consider investments in businesses located in Iowa.

The contingent tax credits are capped at $60 million in the aggregate, and cannot be claimed until at least five years after the investment is made. Also, only $20 million of credits can be claimed in one year. The credit is nonrefundable, with a 7-year carryforward.

The tax credit certificate is issued by the Iowa Capital Investment Board which includes a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 13. 

Section 15E.66

Venture Capital Tax Credit - Qualifying Business or Community-Based Seed Capital Fund

The Venture Capital Tax Credit for Qualifying Business or Community-Based Seed Capital Fund equaled to 20% of a qualifying investment that is administered by the Iowa Economic Development Authority. For investments made prior to January 1, 2014, the tax credit could not be claimed until three years after the investment. For investments made after January 1, 2014 in qualifying businesses, taxpayers can claim the tax credit in the same year of the investment, except that investments made in 2014 could not redeemed until January 1, 2016. Any credit in excess of the tax liability is not refundable but maybe carried forward to the tax liability for the following five years or until depleted, whichever is earlier.

Effective for investments made on or after July 1, 2015, the tax credit is 25% of the equity investment made in a qualifying business. The credit is refundable when claimed against the individual income tax (see Line 62). Credits issued for qualifying investments cannot be claimed until after September 1, 2016.

When the tax credit is awarded, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 14.

Sections 15E.43 and, 422.11F

Venture Capital Tax Credit - Venture Capital Funds

Effective in 2002, a tax credit was allowed for 6% of the equity investment made in a venture capital fund approved by the Iowa Capital Investment Board. The tax credit could not be claimed until three years after the investment was made. The tax credit must be reported on the IA 148 Tax Credits Schedule using tax credit code 15. Any credit in excess of the tax liability is not refundable but may be carried forward to the tax liability for the following five years or until depleted, whichever is earlier.

This credit was repealed for investments made after July 1, 2010.

Wind Energy Production Tax Credit

The Wind Energy Production Tax Credit is equal to one cent per kilowatt-hours of electricity sold or used for on-site consumption by a wind energy production facility approved by the Iowa Utilities Board. Approved facilities must have been placed in service on or after July 1, 2005, but before July 1, 2012, to qualify for the tax credit  and the aggregate of approved facilities are limited to 50 megawatts of nameplate capacity.

For applications filed on or after March 1, 2008, the facility must also consist of one or more wind turbines connected to a common gathering line which has a combined nameplate capacity of no less than two megawatts and no more than 30 megawatts.

Any credit in excess of the tax liability is not refundable but may be carried forward to the tax liability for the following seven years or until depleted, whichever is earlier. When the tax credit is awarded by the Iowa Department of Revenue, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 16. The Wind Energy Production Tax Credit can be transferred. 

In cases where the applicant is a partnership, limited liability company, S corporation, estate, trust, or other reporting entity which elects to have income taxed directly to an individual and the applicant is also eligible to receive renewable electricity production tax credits authorized under section 45 of the Internal Revenue Code, the credit does not have to be based upon the individual's pro rata share of earnings from the entity.

For applications filed on or after July 1, 2009, Iowa colleges, schools, and public hospitals are eligible for the Wind Energy Production Tax Credit for qualified electricity generated for their own use as long as the combined nameplate capacity is ¾ of a megawatt or greater.

Sections 476B and 422.11J

Workforce Housing Investment Tax Credit

Starting July 1, 2014, the Housing Enterprise Zone Program was replaced by the Workforce Housing Tax Incentives Program. The investment in housing must relate to the acquisition, repair, or redevelopment of a housing project or new construction in a distressed workforce housing community. The project must be approved by the Iowa Economic Development Authority. The Workforce Housing Investment Tax Credit is limited to 10% of $150,000 for each home or individual unit. When the tax credit is awarded, the taxpayer receives a tax credit certificate number that must be reported on the IA 148 Tax Credits Schedule when the tax credit is claimed using tax credit code 27. Any credit in excess of the tax liability is not refundable but may be carried forward to the tax liability for the following five years or until depleted, whichever is earlier. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit can be claimed by the individual based on the pro rata share of the income of the entity. The Workforce Housing Investment Tax Credit is transferable to any person to entity.

Sections 15.351 - 15.356, and, 422.11C

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