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IRS Publishes Proposal to Amend LIHTC Regulations

Monday, July 7, 2003 - 1:45AM

The Internal Revenue Service (IRS) today published a proposal to amend several existing regulations concerning the low-income housing tax credit (LIHTC). The Community Renewal Tax Relief Act of 2000 (Pub. L. 106-554) amended various provisions in Section 42 of the Internal Revenue Code, including provisions relating to the time for meeting the 10 percent basis requirement for carryover allocations under section 42(h)(1)(E) and (F), and the order in which LIHTC dollar amounts are allocated from the different components of a state’s housing credit ceiling under section 42(h)(3)(C). The proposed regulations also amend Sec. 1.42-6 and Sec. 1.42-8 regarding the election of appropriate percentage month by removing the requirements that certain documents be attached to a taxpayer’s income tax return when it is filed. Click here for more information.

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