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IRS INVITES COMMENTS ON STATE LIHTC CEILING, OTHER RULES

Thursday, October 11, 2007 - 7:15AM

The Internal Revenue Service (IRS) today invited comments from the general public concerning Treasury Decision (T.D.) 8563, State Housing Credit Ceiling. T.D. 8563 provides rules relating to the order in which low-income housing tax credit (LIHTC) dollar amounts are allocated from each state's LIHTC ceiling under Section 42(h)(3)(C) of the Internal Revenue Code (IRC) and the determination of which states qualify to receive credit from a national pool of credit under IRC Section 42(h)(3)(D). There are no changes being made to the existing regulation 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 will be accepted through December 10, 2007.

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