TREASURY, IRS RELEASE 2009-2010 PRIORITY GUIDANCE PLAN

Tuesday, November 24, 2009 - 8:00AM

The Treasury Department and Internal Revenue Service (IRS) today released the 2009-2010 Priority Guidance Plan, which contains 315 projects that are scheduled for completion from July 2009 through June 2010. 

According to the plan, the IRS plans to publish:

  1. final regulations under Internal Revenue Code §42 on the requirements for a qualified contract (proposed regulations on this issue were published June 19, 2007);
  2. regulations concerning utility allowances under §42(g)(2)(B)(ii) for sub-metered buildings (interim guidance on this topic was issued in Notice 2009-44);
  3. guidance for the low-income housing tax credit (LIHTC) relating to sections 1404 and 1602 of the American Recovery Reinvestment Tax Act of 2009; and
  4. guidance on tax-exempt bonds issued in Midwestern and Hurricane Ike disaster areas.

When this guidance is released by the IRS, it will be posted at the Affordable Housing Resource Center.

To discuss the latest guidance on the LIHTC and tax-exempt housing bonds, join Novogradac & Company LLP for the Tax Credit Housing Finance Conference in Las Vegas, Nev. on December 3-4, 2009. If you can’t make the conference next week, there’s still time to register for the 16th Annual Tax Credit Developers Conference on January 14 and 15 in Miami, Fla.

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