IRS RELEASES RULING ABOUT OFF SITE COSTS AND ELIGIBLE BASIS

Tuesday, April 28, 2009 - 8:00am

The costs of constructing streets and related infrastructure improvements that will be dedicated to public use in a low-income housing tax credit project are capitalizable into the bases of project's residential rental buildings, the Internal Revenue Service determined in private letter ruling (PLR) 200916007. The ruling will be examined in detail in the June 2009 issue of the Novogradac Journal of Tax Credit Housing.