Form DTF-624: Claim for Low-Income Housing Credit (2026)

Q: How much income can be excluded on IT-221?

You may exclude up to <b>$5,000 ($10,000 for joint filers)</b> of qualifying disability income, reduced by any NY pension or annuity exclusion previously claimed.

Q: Are HSA contributions deductible for New York tax?

No—unlike the federal system, New York does <b>not</b> allow an HSA deduction.

Last reviewed: 2025-10-29

Use the New York Tax Form Calculator Form DTF-624 — Claim for Low-Income Housing Credit as a stand alone tax form calculator to quickly calculate specific amounts for your 2026 New York state tax return. Alternatively, you can use one of our Combined Federal and State Tax Estimators to quickly calculate your salary, tax, and take-home pay.

Form DTF-624 is used by owners of qualified low-income housing projects, as well as their transferees, partners, shareholders or beneficiaries, to claim the New York State low-income housing credit under Tax Law §18. The credit is generally available for the 10-year period following certification of the building’s qualified basis by the New York State Division of Housing and Community Renewal (DHCR) and is non-refundable. Unused credit may be carried forward per the form instructions.

To claim the credit you must have a properly executed and timely filed Form DTF-625 (Low-Income Housing Credit Allocation and Certification) for each building and then complete DTF-624 each year you claim the credit.

Who qualifies: You may claim the credit if you own (or are a transferee of) a residential rental building within New York State that is part of a low-income housing project meeting one of the minimum set-aside tests under IRC §42 and New York Public Housing Law Article 2-A.
Credit computation and period: The credit is allocated by DHCR on Form DTF-625. You claim annual credits over a 10-year period beginning with the year the building is placed in service. The credit amount is a percentage of the building’s qualified basis, subject to certification and allocation rules.
Transferability: For projects allocated on or after May 12, 2018 (tax years beginning Jan 1, 2019 or later), the credit may be transferred, in whole or in part, to another person or entity if pre-approved by DHCR. The holding period or term of the credit is unaffected by the transfer.
Recapture rules: During the 15-year compliance period (10-year credit period plus 5-year recapture period) if the building ceases to meet low-income set-aside requirements or the qualified basis is reduced, you may be required to recapture part of the credit claimed in prior years (Form DTF-626). A non-material change may be exempted if approved by the Commissioner of Taxation and Finance and DHCR.
Carry-forward: If your tax limitation for the year prevents you from using the full credit, the excess may be carried forward to future years until used in accordance with the rules. The credit is not refundable if unused.

Claim for Low-Income Housing Credit
File this form with your New York State franchise tax return or income tax return.
Part 1 – Current-year credit (see instructions)
1	Number of Forms DTF-625-ATT included (see instructions)				1
2	Has there been a decrease in the qualified basis of any buildings since the close of the preceding tax year? (see instructions) Yes No If Yes, enter the building identification number (BIN) of the building(s) that had a decreased basis. If you need more space, use a separate schedule. (1) (2) (3) (4)
3	Current-year credit (total from all Form(s) DTF-625-ATT; see instructions)				3
4	Carryover of credit (see instructions)				4
5	Low-income housing credit from partnerships, New York S corporations, estates, and trusts (from Part 5; see instr.)				5
6	Add lines 3, 4, and 5				6
7	Fiduciary: Enter credit allocated to beneficiaries (from Part 3; see instructions)				7
8	Total current-year credit (subtract line 7 from line 6)				8
	Individuals: Complete Part 6. Partnerships: Enter the line 8 amount and code 624 on Form IT-204, line 147. Fiduciaries: Complete Part 6. New York S corporations: Enter the line 8 amount on the appropriate line of Form CT-34-SH. C corporations, including all corporate partners: Complete Part 2 below to compute the amount of credit to be transferred to your franchise tax return.
Part 2 – Computation of credit (Completed by Article 9-A and 33 corporations, including corporate partners, but not by New York S corporations) (see instructions)
9	Total credit available for the current tax year (enter amount from line 8)				9
10	Total recapture (enter amount from all Forms DTF-626, line 14)				10
11	Total credit available for the current tax year after recapture (see instructions)				11
12	Tax before credits (see instructions)				12
13	Enter other credits used (see instructions)				13
14	Net tax (subtract line 13 from line 12)				14
15	Tax limitation (enter appropriate tax): Article 9-A: enter your fixed dollar minimum tax from Form CT-3 or the designated agent’s fixed dollar minimum tax from Form CT-3-A Article 33: enter minimum of 250 (combined filers see instructions)				15
16	Tax credit limitation (subtract line 15 from line 14; if line 15 is greater than line 14, enter 0)				16
17	Tax credit used for the current tax year (enter amount from line 11 or line 16, whichever is less; see instr.)				17
18	Tax credit carried forward (subtract line 17 from line 11)				18
Part 3 – Beneficiary’s and fiduciary’s share of credit (use additional sheets if necessary; see instructions)
A Beneficiary’s name (same as on Form IT-205, Schedule C)		B Identifying number	C BIN of building		D Share of credit (see instructions)
Total (see instructions)


Fiduciary
A If you are claiming this credit as a corporate partner, mark an X in the box
Part 4 – Partner’s and shareholder’s share of credit attributable to multiple buildings (use additional sheets if necessary; see instructions)
A Partner’s or shareholder’s name		B Identifying number	C BIN of building		D Share of low-income housing credit














Part 5 – Partnership, New York S corporation, and estate and trust information (use additional sheets if necessary; see instr.)
If you were a partner in a partnership, a shareholder of a New York S corporation, or a beneficiary of an estate or trust, and received a share of the low-income housing credit from a flow-through entity, complete the following information for each partnership, New York S corporation, or estate or trust. For Type, enter P for partnership, S for New York S corporation, or ET for estate or trust.
A Name of entity		B Type	C Employer ID number	D BIN of building	E Share of low-income housing credit




Total (add amounts in column E; enter here and on line 5)
Part 6 – Application of credit and computation of carryover (Article 22 only)
19	Tax due before credits (see instructions)				19
20	Tax credits claimed before this credit (see instructions)				20
21	Subtract line 20 from line 19				21
22	Credit used for the current tax year (enter amount from line 8 or line 21, whichever is less; see instructions)				22
23	Amount of credit available for carryover to next year (subtract line 22 from line 8)				23

How the Credit Works — Mechanics & Example

Step-1 – Obtain DHCR certification using Form DTF-625 for each building showing the allocated credit and building identification number (BIN). Without this certification you cannot file DTF-624.

Step-2 – Complete DTF-624 Part 1 to report current-year credit, carryforwards, transferee credits, and recapture adjustments (from Form DTF-626). Then for certain entities (Article 9-A or Article 33 corporations) complete Part 2 to compute the amount of credit allowed against tax after applying tax limitation rules.

Example: You own a qualifying low-income housing building placed in service this year; DHCR allocates a credit of $120,000 for the project. On your DTF-624 you report the allocated annual credit (e.g., $12,000 for year 1) and, assuming no recapture and adequate tax liability, you use the full amount this year and carry forward none.

Step-3 – If you transferred the credit to another taxpayer, you mark the transferee box on DTF-624 and enter the SLIHC tracking ID. Failure to provide the tracking ID may cause denial of the credit.

Audit-Focus Items: Common issues include claiming the credit for a building that lacks DHCR allocation, mis-reporting a decrease in qualified basis (triggering recapture), failing to mark transferee status or provide SLIHC tracking ID, and using the credit against tax when the limitation applies (resulting in carry-forward rather than immediate use).

Last reviewed: 2025-10-29: If you believe this form requires an update, please contact us.

Practical Planning & Compliance Recommendations

At project inception, retain the DHCR allocation notice, building identification number, qualified basis schedule and certification worksheets. Document the minimum set-aside compliance each year and maintain records for the full 15-year compliance/recapture period.

Develop a credit usage strategy: early-year credits reduce taxable income immediately; if credits will exceed tax in early years, plan timing of other credits or income to maximise utilisation without wasted carry-forward potential.

When considering credit transfer arrangements, coordinate agreements with legal counsel and ensure pre-approval by DHCR. Transfers require careful documentation and may impact audit risk, so include tracking ID and flow-through statements in purchaser’s file.

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Frequently Asked Questions

Does IT-203-ATT replace IT-112-R or IT-112-C?

No. Those forms calculate credits for taxes paid to other jurisdictions, and their totals are then entered onto IT-203-ATT where indicated.

How much income can be excluded on IT-221?

You may exclude up to $5,000 ($10,000 for joint filers) of qualifying disability income, reduced by any NY pension or annuity exclusion previously claimed.

Can part-owners of a property claim IT-119?

Yes — if the notice issued reflects the property key and entity ownership, each owner must enter their share of the underpayment on IT-119 and may attach separate forms as required.

Can I use IT-203-B to claim the NY College Tuition Deduction?

Yes. Part 2 of IT-203-B calculates the allowable college tuition itemized deduction or credit, depending on your AGI and tuition amounts paid.

Are HSA contributions deductible for New York tax?

No—unlike the federal system, New York does not allow an HSA deduction.

Important Notes

All calculations are estimates for guidance only. Always review your return and consider professional advice when submitting official filings.