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TREASURY INVITES COMMENTS ON FORM 8586: LOW-INCOME HOUSING CREDIT

Thursday, October 19, 2006 - 7:30AM

The Treasury Department today invited comments on Form 8586, which is used by owners of residential rental projects providing low-income housing to claim the low-income housing tax credit (LIHTC) for part of the cost of constructing or rehabilitating such low-income housing. Form 8586 is used by taxpayers to compute the credit and by the IRS to verify that the correct credit has been claimed. No changes to the form have been proposed; the invitation to comment was published as part of the effort to reduce paperwork and respondent burden as required by the Paperwork Reduction Act of 1995.

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