The Internal Revenue Service has issued proposed amendments to the utility allowance regulations concerning the low income housing tax credit in Code Section 42.   

The proposed regs, REG-136491-09, to be published Aug. 7, 2012, also give notice of a public hearing on the proposed regulations to be held on Nov. 27, 2012.

The proposed regulations update the utility allowance regulations to clarify that utility costs paid by a tenant based on actual consumption in a submetered rent-restricted unit are treated as paid by the tenant directly to the utility company.

The regs affect owners of low-income housing projects that claim the credit, the tenants in those low-income housing projects, and the state and local housing credit agencies that administer the credit.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access