October 29, 2020
IRS issues proposed regulations on average income test for low-income housing credit
The IRS has issued proposed regulations (REG-119890-18) providing guidance on the average income test under IRC Section 42(g)(1)(C) for purposes of the low-income housing credit. Any public comments should be submitted to the IRS electronically (at www.regulations.gov) within 60 days after the regulations' publication in the Federal Register, which is scheduled for October 30, 2020. A Tax Alert is forthcoming.