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IRS Releases Memo on Section 42

Monday, May 1, 2006 - 3:45PM

The Internal Revenue Service (IRS) last week published a memorandum to provide criteria for processing applications for recognition of exemption under Internal Revenue Code (IRC) Section 501(c)(3) or (c)(4) where the applicant proposes to participate, as a general partner, in a Section 42 low-income housing tax credit (LIHTC) limited partnership. Click here for a copy of the memo. The criteria and their significance to the LIHTC industry will be discussed in the June LIHTC Monthly Report.

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