Treasury, IRS Release 2003-04 Priority Guidance Plan

Monday, July 28, 2003 - 1:45AM

The Treasury Department and Internal Revenue Service last week announced the release of the 2003 - 2004 Priority Guidance Plan. In Notice 2003-26, the IRS solicited suggestions from all interested parties, including taxpayers, tax practitioners and industry groups in order to formulate a guidance plan that focused resources on guidance items that are most important to taxpayers and tax administration. The 2003-2004 Priority Guidance Plan contains 268 projects to be completed over a 12-month period, from July 2003 through June 2004. In addition to the items on this year’s plan, the plans’ appendix lists the more routine guidance that is published each year. Planned guidance includes that on low-income housing partnerships and §501(c)(3) participation; §42; §45D regarding the new markets tax credit; §63A regarding "negative" additional §263A costs; arbitrage; and final regulations under §§1.42-6 and 1.42-14 to conform to statutory changes.

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