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IRS Seeks Comments on LIHTC Recapture Form

Wednesday, April 9, 2003 - 1:45AM

The Internal Revenue Service (IRS) is soliciting comments concerning Form 8611, Recapture of Low-Income Housing Credit. IRC §42 permits owners of residential rental projects providing low-income housing to claim a low-income housing tax credit (LIHTC) against their income tax. If the LIHTC property is disposed of or if it fails to meet certain requirements throughout a 15-year compliance period and a bond is not posted, the owner must use Form 8611 to recapture part of the credits taken in prior years. There are no changes being made to the form at this time, but comments will be accepted on or before June 9, 2003 and should be submitted to P. Kirkland, Internal Revenue Service, Room 6411, 1111 Constitution Avenue N.W., Washington, D.C. 20224. Click here for today’s Federal Register notice. Click here for a copy of Form 8611.

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