The Internal Revenue Service has waived some limitations of the low-income housing tax credit in Indiana and Iowa so that owners of facilities in these states can provide housing to victims of recent storms and flooding.
The action is expected to expand the availability of housing for disaster victims and their families. The IRS said it would continue to monitor closely the housing situation in other states affected by the recent flooding, hinting that it may follow the same course in those states. The IRS recently extended tax-filing and payment deadlines for victims of the recent flooding (see IRS Gives Storm Victims More Time to Pay Taxes).
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