Form 8847 Credit for Contributions to Selected Community Developme

Form

8847

(Rev. December 2006)

Credit for Contributions to Selected Community
Development Corporations

Department of the Treasury
Internal Revenue Service (99)

©

Attachment
Sequence No.

Attach to your tax return.

Name(s) shown on return

1

OMB No. 1545-1416

Identifying number

Total qualified community development corporation (CDC) contributions from Part I of
Schedules A (Form 8847)

1

2

Multiply line 1 by 5% (.05)

2

3

Credit for contributions to selected community development corporations from partnerships and
S corporations

3

Add lines 2 and 3. Partnerships and S corporations, report this amount on Schedule K; all others,
report this amount on the applicable line of Form 3800 (e.g., line 1x of the 2006 Form 3800)

4

4

General Instructions
Section references are to the
Internal Revenue Code unless
otherwise noted.

What’s New
● The tax liability limit is no longer
figured on this form; instead, it must
be figured on Form 3800, General
Business Credit.
● Taxpayers that are not
partnerships or S corporations, and
whose only source of this credit is
from those pass-through entities, are
not required to complete or file this
form. Instead, they can report this
credit directly on line 1x of Form
3800.
● The IRS will revise this December
2006 version of the form only when
necessary. Continue to use this
version for tax years beginning after
2005 until a new revision is issued.

Purpose of Form
Use Form 8847 to claim the credit
for qualified contributions made to
selected community development
corporations (CDCs).

How the Credit Is Figured
The credit is figured over a 10-year
credit period beginning with the tax
year the qualified CDC contribution
was made. The credit for each tax
year in the credit period is 5% of the
qualified CDC contribution (see
below). The credit is part of the
general business credit and is
figured under section 13311 of the
Revenue Reconciliation Act of 1993.

100

A qualified CDC contribution is
any transfer of cash to a selected
CDC before June 30, 1999, that is
available for use by the CDC for at
least 10 years and was designated
by the CDC as a qualified
contribution for purposes of the
credit. Selected CDCs furnished
each contributor a Schedule A (Form
8847), Receipt for Contribution to a
Selected Community Development
Corporation (CDC), with Part I of
Schedule A completed.
Selected CDCs were announced in
HUD News Release No. 94-94,
dated June 30, 1994.

Specific Instructions
Line 1
You are not required to attach
copies of Schedule A (Form 8847) to
your tax return, but you may do so.
You must keep all original Schedules
A (Form 8847) for 3 years after the
due date (including extensions) of
your tax return for the last tax year
in the 10-year credit period.
Paperwork Reduction Act Notice.
We ask for the information on this
form to carry out the Internal
Revenue laws of the United States.
You are required to give us the
information. We need it to ensure
that you are complying with these
laws and to allow us to figure and
collect the right amount of tax.

Cat. No. 16149K

You are not required to provide
the information requested on a form
that is subject to the Paperwork
Reduction Act unless the form
displays a valid OMB control
number. Books or records relating to
a form or its instructions must be
retained as long as their contents
may become material in the
administration of any Internal
Revenue law. Generally, tax returns
and return information are
confidential, as required by section
6103.
The time needed to complete and
file this form will vary depending on
individual circumstances. The
estimated burden for individual
taxpayers filing this form is approved
under OMB control number
1545-0074 and is included in the
estimates shown in the instructions
for their individual income tax return.
The estimated burden for all other
taxpayers who file this form is
shown below.
Recordkeeping
1 hr., 25 min.
Learning about
the law or
the form
12 min.
Preparing and
sending the
form to the IRS
13 min.
If you have comments concerning
the accuracy of these time estimates
or suggestions for making this form
simpler, we would be happy to hear
from you. See the instructions for
the tax return with which this form is
filed.
Form

8847

(Rev. 12-2006)