The Internal Revenue Service (IRS) issued Revenue Ruling 2016-29 and Notice 2016-77 Dec. 12, 2016. The two have important similarities in addition to being released at the same time, as well as a few noteworthy differences.
Background
The ruling and notice are rare instances of the federal government providing direction to allocating agencies on how to distribute low-income housing tax credits (LIHTCs). Rules for states are generally contained in their qualified allocation plan (QAP) and related documents. Internal Revenue Code (IRC) Section 42 contains a few requirements for QAPs, but they are broadly worded, as is common with statutes. The interpretation of specifics is mostly left to departments.......Read More
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