The California Form 3521 is a document used to claim the Low-Income Housing Credit on California tax returns. This form must be attached to the taxpayer's return and includes information about the eligible basis of the project, available credits, and any carryover amounts. Completing this form accurately is essential for taxpayers seeking to benefit from low-income housing credits.
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The California 3521 form is a crucial document for taxpayers involved in low-income housing projects. It is specifically designed to help individuals and corporations claim the Low-Income Housing Credit on their California tax returns. This form requires essential information such as the taxpayer's name, Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), and building identification numbers (BINs) for each property associated with the credit. Taxpayers must assess whether the eligible basis of any project has decreased since receiving form CTCAC 3521A from the California Tax Credit Allocation Committee. The form also includes sections for calculating the current year credit, reporting any affiliated corporation credits, and determining carryover amounts for future years. Additionally, if there has been a decrease in basis, specific computations must be made to adjust the credit accordingly. Completing the California 3521 form accurately ensures that taxpayers can maximize their credits while adhering to state tax regulations.
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
S corporation
Schedule K-1
shareholder
(100S), line 13a
Beneficiary
Schedule K-1 (541),
line 13d
Partner or
Schedule K-1 (565,
LLC member
568), line 15b
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
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
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
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
Building 1
Building 2
Total
Side 2 FTB 3521 2020
7302203
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