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IRS ISSUES GUIDANCE ON TAXABILITY OF TCAP GRANTS

Monday, February 14, 2011 - 8:00AM

Tax Credit Assistance Program (TCAP) grants are includable in the gross income of taxpayers that are awarded the funds by a state housing authority, according to the Internal Revenue Service in CCA 201106008. The guidance also discusses whether the grant funds are includible in the taxable year the grant is awarded or the taxable year the grant was received.
Tune in to tomorrow's Tax Credit Tuesday podcast to hear Michael J. Novogradac, CPA, discuss what this ruling means for TCAP grant recipients as well as parallels for developments funded with cash grant exchange program funds.

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