87 FR 218 pg. 68048 - Section 42, Low-Income Housing Credit Average Income Test Regulations; Correction
Type: RULEVolume: 87Number: 218Page: 68048
Page: 68048Docket number: [TD 9967]
FR document: [FR Doc. 2022-24636 Filed 11-10-22; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
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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.
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
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority:
26 U.S.C. 7805 * * *
Par. 2. Section 1.42-19 is amended by revising the first sentence of paragraph (d)(1)(v) to read as follows:
§?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