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.
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