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Thursday, September 11, 2008 - 7:30AM

The Treasury Department and Internal Revenue Service (IRS) yesterday released the 2008-2009 Priority Guidance Plan, which contains 314 projects that are scheduled for completion from July 2008 through June 2009. The plan includes final regulations under Internal Revenue Code §42 on the requirements for a qualified contract; proposed regulations on this issue were published June 19, 2007. The plan also lists guidance under the Housing Assistance Tax Act of 2008 regarding allocations of the additional tax-exempt bond volume cap for qualified housing issues, military housing allowances and other affected tax-exempt bond provisions.

In addition to the items on this year's plan, an appendix lists the routine guidance that is published regularly each year, such as a revenue procedure providing the amounts of unused housing credit carryover for the calendar year allocated to qualified states under IRC §42(h)(3)(D), and a notice scheduled for March that will provide the 2009 calendar year resident population estimates used in determining the state LIHTC ceiling under IRC §42(h) and the private activity bond volume cap under IRC §146.

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