Reps. Johnson, Rangel Send Letter Seeking Reversal of IRS Ruling on LIHTCs

Monday, September 16, 2002 - 7:00AM

Reps. Nancy Johnson (R-Conn.) and Charles Rangel (D-N.Y.) last week sent a letter to Pamela F. Olson, the assistant secretary for tax policy at the Treasury Department, asking that the Internal Revenue Service (IRS) ruling regarding low-income housing tax credit (LIHTC) in Chief Counsel Advice Memorandum 200134006, be reversed.  The ruling held that an owner of a low-income housing tax credit property who suffers a casualty, such as a fire or wind storm damage, and who must take units out of service as a result, may not take tax credits on such units while they are out of service and that in such circumstances, states must issue noncompliance reports. To view the letter, click here.

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