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Printable Form 1128 Jersey City New Jersey: What You Should Know
The Program provides a Federal tax credit against certain State income tax and local property tax assessments on any income generated through the occupancy of eligible properties. The tax credit is applied to the first 10 years of eligibility, with an additional 500 for each additional two years thereafter. Applicants, builders and homeowners in Michigan benefit from the Low-Income Housing Credit Program. Low-income individuals and households who pay income tax on rent and can qualify for LIH TC do not have to pay Federal income tax on such income when it meets this state definition. As such, the LIH TC program is very useful both to individuals and employers who pay their workers a fair “market” wage. Applications for the LIH TC may be completed online through the Michigan Department of Treasury's Residential Low-Income Accredit (REMIX) and Residential Energy-Efficiency Improvements for Low- and Moderate-Income (REMIX) programs.
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