IRS TO ISSUE FINAL QUALIFIED CONTRACT REGULATIONS
The Internal Revenue Service (IRS) will formally publish final regulations tomorrow regarding low-income housing tax credit (LIHTC) qualified contract rules. The final regulations provide guidance concerning LIHTC property owners’ requests to LIHTC agencies to obtain a qualified contract for the acquisition of an LIHTC building. The rules will affect owners requesting a qualified contract, potential buyers and agencies responsible for the administration of the LIHTC program. The final regulations are scheduled to be officially published in the May 3 Federal Register; click here for a copy of the pre-publication version of the final qualified contract regulations. Additional information on qualified contracts and related issues can be found on the Year 15 Hot Topics web page.
Questions about the final qualified contract regulations can be directed to Mike Morrison, CPA, at [email protected] or (415) 356-8000.
Tune in to the May 8 Tax Credit Tuesday Podcast to hear Michael J. Novogradac, CPA, discuss the guidance and what it will mean for the LIHTC industry.
Join Novogradac & Company and LIHTC experts and practitioners to discuss what lies ahead for the LIHTC program at the Affordable Housing Tax Credit Conference: Meeting the Challenges of 2012, May 17-18, in New Orleans, La.