IRS Invites Comments on Form 8611, Recapture of Low-Income Housing Credit

Monday, March 20, 2006 - 7:15am

The Internal Revenue Service (IRS) today published Notice 2006-21, informing Alabama, Louisiana and Mississippi of their state population portion in the Gulf Opportunity Zone for purposes of determining the Gulf Opportunity housing amount under Internal Revenue Code (IRC) Section 1400N(c)(1)(B) and maximum aggregate face amount of qualified Gulf Opportunity Zone Bonds under IRC Section 1400N(a)(3). The Gulf Opportunity Zone Act of 2005 Section 1400M and §1400N to the IRC to provide certain tax benefits to those areas affected by hurricanes Katrina, Wilma and Rita.

Join Novogradac & Company LLP at the Solutions and Development Opportunities in the Gulf Opportunity Zone seminar to explore opportunities for affordable housing and community development in the Gulf States, provided for in the GO Zone Act of 2005. The GO Zone Act provides an emergency increase in tax credit and bond authority in Alabama, Louisiana, Mississippi and other Gulf States. These tax credits and tax-exempt bonds will be used directly to begin the rebuilding process of the Gulf Coast region.