This document contains final regulations concerning the low-income housing credit under section 42 of the Internal Revenue Code. The regulations provide rules relating to the order in which housing credit dollar amounts are allocated from each State's housing credit ceiling under section 42(h)(3)(C) and the determination of which States qualify to receive credit from a national pool of credit under section 42(h)(3)(D). The regulations affect State and local housing credit agencies and taxpayers receiving credit allocations, and provide them guidance for complying with section 42. The final regulations also amend § 1.42-5 to provide a cross reference to section 42(g)(8)(B).
US Code:
26 USC 42
Name of Law: Low-income housing credit
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Sup_Stmnt_PS-106-91_(TD_8563)_REV.doc
PS-106-91 (Final) State Housing Credit Ceiling and other Rules Relating to the Low-Income Housing Credit