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The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
The Ohio Department of Taxation provides an online tool on the department's website that allows you to check the status of your income tax refund. You can also call the department's individual ...
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
The State housing agencies were allowed to offer the assistance in either a grant or loan form to the properties. [16] Second, Section 1602 of the Recovery Act allowed State housing agencies to elect to receive cash grants instead of the tax credits for up to 40% of the State’s LIHTC allocation.
To file a state income tax return, you need the document created by the state’s revenue or tax agency. This form will be different from the one you use to file a federal income tax return.
Under this example, a renter with annual income of $30,000 paying rent of $800 a month would receive an income-tax refund or rebate for the year of $740 (($800 x 0.15 x 12) - $700).
In order to claim this credit the tax filer must be a resident for the full year. The maximum credit is $1,000 and for filers who make less than $25,000 per year the property tax must be over 3% of their yearly income. For tax filers who make between $25,000 and $40,000 the property tax must be over 4% of their yearly income.
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