Section 42, Low-Income Housing Credit Average Income Test Regulations; Correction

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Published

November 30, 2022

Effective

November 30, 2022

Issuing agencies

Treasury DepartmentInternal Revenue Service

Abstract

This document contains a correction 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 229 (Wednesday, November 30, 2022)</title>
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[Federal Register Volume 87, Number 229 (Wednesday, November 30, 2022)]
[Rules and Regulations]
[Pages 73458-73459]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-26073]


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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 a correction 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 30, 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 amendment:

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 table 2 to paragraph 
(e)(3)(i) to read as follows:


Sec.  1.42-19   Average income test.

* * * * *
    (e) * * *
    (3) * * *
    (i) * * *
BILLING CODE 4830-01-P

[[Page 73459]]

[GRAPHIC] [TIFF OMITTED] TR30NO22.005

* * * * *

Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel, 
(Procedure and Administration).
[FR Doc. 2022-26073 Filed 11-29-22; 8:45 am]
BILLING CODE 4830-01-C


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