Treasury Says Guidance Coming on LIHTC, NMTC

Thursday, July 11, 2002 - 7:00am

Guidance on low-income housing tax credits (LIHC) under Section 42 of the Internal Revenue Code, as well as guidance under Section 45D regarding new markets tax credits (NMTC) will be forthcoming in 2002-2003, according to the Treasury Department. Treasury and the Internal Revenue Service (IRS) this week released the priorities for tax regulations and other administrative issues for 2002-2003 that they will address through regulations, rulings, notices and other forms of guidance during the year ending June 30, 2003. The plan reflects the combined input of taxpayers, practitioners and industry groups who were invited to submit comment earlier this year in Notice 2002-22. Click here for a copy of the plan.