IRS is Soliciting Comments Concerning Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition
The Internal Revenue Service (IRS) today invited comments concerning Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. Under Internal Revenue Code section 42(m)(1)(B)(iii), state agencies are required to notify the IRS of noncompliance with the low-income housing tax credit (LIHTC) provisions. The IRS uses this information to determine whether the LIHTC is being correctly claimed and whether there is any credit recapture. There are no changes being made to Form 8823 at this time; this review is part of a continuing effort to reduce paperwork and respondent burden as required by the Paperwork Reduction Act of 1995. Written comments should be received on or before May 24, 2005 to be assured of consideration. Click here for details about submitting comments.