WASHINGTON, Sept. 30 -- Internal Revenue Service has issued a rule called: Section 42, Low-Income Housing Credit Average Income Test Procedures.
The rule was published in the Federal Register on Sept. 30 by Edward T. Killen, Acting Chief Tax Compliance Officer.
Summary: This document contains final regulations setting forth recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit. If a building is part of a residential rental project that satisfies the average income test, the building may be eligible to earn low-income housing credits. These final regulations affect owners of low-income housing projects, State or local housing credit agencies that monitor compliance with the requi...