IRS Publishes Final Regulations on Carryover, Stacking Rule Regulations for LIHTC
The Internal Revenue Service (IRS) yesterday published final regulations that amend carryover and stacking rule regulations under Section 42 of the Internal Revenue Code concerning the low-income housing tax credit (LIHTC). The regulations affect both owners of LIHTC projects and the state or local housing credit agencies that administer the credit. The final rules clarify the IRS’s position that each building in a multibuilding housing project does not have to separately meet a basis requirement for certain allocations related to the LIHTC. Click here for a copy of the final rule.