Rule2022-24636
Section 42, Low-Income Housing Credit Average Income Test Regulations; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 14, 2022
Effective
November 14, 2022
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
This document contains corrections to the final regulations (Treasury Decision 9967) published in the Federal Register on Wednesday, October 12, 2022. This correction includes final and temporary regulations setting forth guidance on the average income test for purposes of the low-income housing credit.
Full Text
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<title>Federal Register, Volume 87 Issue 218 (Monday, November 14, 2022)</title>
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[Federal Register Volume 87, Number 218 (Monday, November 14, 2022)]
[Rules and Regulations]
[Page 68048]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24636]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9967]
RIN 1545-BO92
Section 42, Low-Income Housing Credit Average Income Test
Regulations; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
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SUMMARY: This document contains corrections to the final regulations
(Treasury Decision 9967) published in the Federal Register on
Wednesday, October 12, 2022. This correction includes final and
temporary regulations setting forth guidance on the average income test
for purposes of the low-income housing credit.
DATES: These corrections are effective on November 14, 2022 and
applicable on or after October 12, 2022.
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Dillon
Taylor at (202) 317-4137.
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9967) subject to this correction are
issued under section 42 of the Internal Revenue Code.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendments:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 2. Section 1.42-19 is amended by revising the first sentence of
paragraph (d)(1)(v) to read as follows:
Sec. 1.42-19 Average income test.
* * * * *
(d) * * *
(1) * * *
(v) * * * If one or more units lose low-income status or if there
is a change in the imputed income limitation of some unit and if either
event would cause a previously qualifying group of units to cease to be
described in paragraph (b)(2)(ii) of this section, then the taxpayer
may designate an imputed income limitation for a market-rate unit or
may reduce the existing imputed income limitations of one or more other
units in the project in order to restore compliance with the average
income requirement. * * *
* * * * *
Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel,
(Procedure and Administration).
[FR Doc. 2022-24636 Filed 11-10-22; 8:45 am]
BILLING CODE 4830-01-P
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