Rules and Regulations. Correcting amendments
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/register/2022/11/14/2022-24636·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 7565-01-P 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.
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(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]
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U.S. Code
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- 26 CFR 1
- T.D. 9967
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