Sign Up For Novogradac Industry Alert Emails

IRS ISSUES GUIDANCE FOR RECAPTURE BOND PROVISIONS OF HOUSING ACT

Thursday, October 2, 2008 - 7:30AM

The Internal Revenue Service (IRS) today issued guidance for taxpayers who are maintaining a surety bond or a Treasury Direct Account (TDA) to satisfy the low-income housing tax credit recapture exception in Section 42(j)(6) of the Internal Revenue Code (IRC), as in effect on or before July 30, 2008. Revenue Procedure 2008-60 provides the procedures for taxpayers to follow when making the election under Section 3004(i)(2)(B)(ii) of the Housing Assistance Tax Act of 2008 to no longer maintain a surety bond or a TDA to avoid recapture.

Learn more about Novogradac's expertise and many services