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TREASURY RELEASES 2007-08 TAX PRIORITY GUIDANCE PLAN

Monday, August 13, 2007 - 7:00AM

The Treasury Department today released its 2007-2008 Priority Guidance Plan. The 2007-2008 Priority Guidance Plan contains 303 projects to be completed over a 12-month period, from July 2007 through June 2008. Among the projects planned under “general tax issues,” the Treasury Department indicates it will issue final regulations under Internal Revenue Code Section 42 on applicable utility allowances as well as final regulations under Section 42 on the requirements for a qualified contract. In addition to the items on this year's plan, an appendix lists the more routine guidance that is published each year, such as monthly rulings setting applicable federal rates and tax credit percentages. 

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