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IRS PLANS GUIDANCE ON UTILITY ALLOWANCES, DISASTER RELIEF, QUALIFIED CONTRACTS

Monday, March 12, 2007 - 7:45AM

The Internal Revenue Service (IRS) today announced an update to its 2006 - 2007 Priority Guidance Plan. The plan published in August 2006 contained 264 projects to be completed between July 2006 and the end of June 2007. Today’s update includes 59 items of additional guidance, some of which have been published already. On page 12 of the guide, the IRS lists three items under Section 42 relating to the low-income housing tax credit (LIHTC) for which it plans to issue guidance, including guidance regarding applicable utility allowances for LIHTC properties, an update of Revenue Procedure 95-28 regarding relief from certain LIHTC requirements for properties affected by major disasters, and proposed regulations regarding the requirements for a qualified contract.

Join Novogradac & Company LLP at the GO Zone Forum May 15-16, and the Credit & Bond Financing Conference, May 17-18, 2007 in New Orleans, La. to discuss this guidance and other issues important to the LIHTC and tax-exempt bond industries.

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