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October 7, 2022
2022-1523

IRS issues regulations on average income test for LIHC, plus temporary relief from some requirements due to supply-chain issues

The IRS has issued (1) final and temporary regulations (TD 9667) under IRC Section 42 addressing the average income test for purposes of the low-income housing credit (LIHC); (2) proposed regulations (REG-113068-22) on recordkeeping and reporting requirements for the average income test for purposes of the LIHC; and (3) temporary relief (Notice 2022-52) from certain requirements under IRC Section 42 for qualified low-income housing projects, necessitated by labor and supply-chain disruptions. A Tax Alert is forthcoming.

 

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