Form 8823 online Connecticut 2023-2025

Form 8823 online Connecticut: What You Should Know

Tax Credits for Low-Income Housing The Low-Income Housing Tax Credit (LIH TC) provides a tax credit to low-income families for providing adequate shelter for themselves and for their children. Under current law, Connecticut's maximum LIH TC credit is 2,000. If Connecticut collects 3,000 of the cost by June 30, 2019, it must refund 600 back to the family and can't increase their credit in subsequent years. In June 2018, the Legislature enacted the Low-Income Housing Credit Improvement Act (S1405) (Senate Bill 11).  S1405 amended section 20-65f of the Connecticut General Statutes (Section 20-65f defines: “low-income” as a family of four qualifying for the maximum LIH TC credit of 2,000 per housing unit). Under this act, a “housing unit” is defined as a single-family, or multiple-family, residential facility, except for certain units that are rented for fewer than four months per year. The statute did not define “residential facility,” which is addressed in the regulations. It did define “family of four.” This is a special tax exemption, not a credit. Also, the definition of “family of four” does not cover single, separate, or divorced persons. The exemption only applies to a family of four, whether they are married or living separate and apart. The definition of “family of four” is: a two-parent family (a married couple) with four individuals living at the home. The maximum LIH TC credit is not available in households without two parents (a single parent), two children under age 18, or the blind or an emancipated minor if such person resided as a dependent at the same household with two or more persons in that household for the full year of the tax year during which the individual had a qualifying income. The definition of “families of two or more persons” is the same as the definition of “family of four.

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