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IRS, HUD Announce Tax Extensions for Texas Hurricane Victims; Others
The Internal Revenue Service (IRS) today announced that storm victims in 18 Texas counties affected by Hurricane Harvey will have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments. The relief applies to tax-filing and payment deadlines that occurred starting Aug. 23. Taxpayers in localities added later to the disaster area will receive the same filing and payment relief. Rev. Proc. 2014-49 provides temporary relief from certain requirements of Internal Revenue Code (IRC) Section 42 for agencies and owners of low-income housing tax credit (LIHTC) properties. A Notes from Novogradac blog post details how LIHTC properties can help with households displaced by Hurricane Harvey.
The U.S. Department of Housing and Urban Development (HUD) today also announced that it would speed federal disaster assistance to Texas and support longer-term housing recovery efforts. Planned HUD assistance includes working with state and local officials to streamline deployment of Community Development Block Grant (CDBG) and HOME funds to repair and replace damaged housing, offering Section 108 loan guarantee assistance, granting immediate foreclosure relief, making mortgage insurance available and making insurance available for mortgages and home rehabilitation.