IRS INVITES COMMENT ON LIHTC CARRYOVER ALLOCATION RULES

Wednesday, May 23, 2007 - 7:45AM

The Internal Revenue Service (IRS) today invited comments concerning T.D. 8520, Carryover Allocations and Other Rules Relating to the Low-Income Housing Credit. The regulations in T.D. 8520 provide guidance regarding eligibility for a carryover allocation of the low-income housing tax credit (LIHTC), procedures for electing an appropriate percentage month, the general public use requirement, the utility allowance to be used in determining gross rent, and the inclusion of the cost of certain services in gross rent. No changes to the regulations have been proposed at this time; the invitation to comment was issued as part of the Treasury Department’s continuing effort to reduce paperwork and respondent burden as required by the Paperwork Reduction Act of 1995. Written comments should be received on or before July 23, 2007 to be assured of consideration. Click here for more information.

Learn more about Novogradac's expertise and many services