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IRS Invites Comments on Form 8703

Tuesday, February 10, 2004 - 1:45AM

The Internal Revenue Service today invited comments on Form 8703, Annual Certification of a Residential Rental Project. Form 8703 is used by the operator of a residential rental project to provide annual information that the IRS will use to determine whether a project continues to be a qualified residential rental project under Internal Revenue Code section 142(d). If so, and certain other requirements are met, bonds issued in connection with the project are considered “exempt facility bonds” and the interest paid on them is not taxable to the recipient. The IRS is not making any changes to the form at this time, but written comments will be accepted through April 12, 2004.

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