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Treasury Releases Letter Opposing Chief Council Memorandum About LIHTCs

Monday, November 18, 2002 - 1:45AM

The Treasury Department last week released a letter sent in late October to Assistant Secretary for Tax Policy Pamela Olson from Rep. Edward Shrock (R-Va.) opposing Chief Counsel Memorandum 200134006, which prohibits owners from receiving low-income housing tax credits (LIHTCs) while a dwelling unit or building is out of service because of a casualty loss. Shrock requested that the Internal Revenue Service revisit its ruling on the issue and permit owners to claim tax credits during the period they are restoring and marketing their property. Click here to read Shrock’s letter.

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