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TREAS/IRS | RIN: 1545-BQ47 | Publication ID: Fall 2022 |
Title: ●Section 42, Average Income Test Procedures | |
Abstract:
The proposed regulations provide guidance relating to the average income test under section 42(g)(1)(C) of the Internal Revenue Code. If a building is part of residential rental project that satisfies this test, the building may be eligible to earn low-income housing credits. These proposed regulations affect owners of low-income housing projects, tenants in those projects, and State or local housing credit agencies that administer eligibility for low-income housing credits. In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations concerning the recordkeeping and reporting requirements for the average income test under section 42(g)(1)(C). The text of the temporary regulations also serves as the text of these proposed regulations. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 26 CFR 1.42-19 | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 42 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-113068-22 (NPRM) Drafter attorney: Dillon Taylor (202) 317-3734 Reviewer attorney: James A. Holmes (202) 317-5114 Treasury attorney: Michael Novey (202) 622-1339 CC:PSI | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: Local, State |
Small Entities Affected: Businesses, Governmental Jurisdictions | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Dillon J. Taylor Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 317-3734 Email: dillon.j.taylor@irscounsel.treas.gov |