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Treasury Report Calls for Improved Oversight of LIHTC Incentive by IRS

Tuesday, February 1, 2022 - 12:45PM

A report by the Treasury Inspector General for Tax Administration calls for improved oversight by the Internal Revenue Service (IRS) of the low-income housing tax credit (LIHTC) and also acknowledges that recent IRS examination activity has not identified significant noncompliance. Oversight of the Low-Income Housing Tax Credit Program Can Be Improved includes a series of recommendations, including additional system validity checks, establishing an examination selection process for questionable LIHTC claims and allocating additional resources for increased compliance monitoring of state housing credit agencies. Of seven recommendations, the IRS agreed with five.

The state of affordable housing will be addressed at the Novogradac 2022 Affordable Housing Conference, April 28-29 in San Francisco.

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