Internal Revenue Code Section 42
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In exchange for equity investors receive tax credits and other tax benefits associated with ownership of the project to offset federal income taxes for a ten year period.
Internal revenue code section 42. It provides tax credits for investors who build affordable housing. Irc section 42 low income housing credit. The irc 42 program provides tax incentives for investors to make equity investments.
Section 42 f 1 defines the acredit period for a low income housing credit building as the period of 10 taxable years beginning with a the taxable year in which the building is placed in service or b at the election of the taxpayer the succeeding taxable year but in either case only if the building is a qualified low income building as of the close of the first year of the period. Including effective dates and related provisions sec. Section 42 of the internal revenue code addresses two issues.
It establishes a method for determining the income eligibility. Internal revenue code 42. 109 280 title xii 1231 b 2 aug.
252 low income housing tax credit a in general for purposes of section 38 the amount of the low income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to 1. 17 2006 120 stat. The section 42 housing program refers to that section of the internal revenue tax code which provides tax credits to investors who build affordable housing.
Investors receive a reduction in their tax liability in return for providing affordable housing to people with fixed or lower income. Bloomberg tax offers full text of the current internal revenue code free of charge. Free access to full text of the internal revenue code including editor s notes and updated continuously from bloomberg tax.
1098 which directed the addition of item for subchapter g to the analysis for chapter 42 without specifying the act to be amended was executed by adding the item to this analysis which is for chapter 42 of the internal revenue code of 1986 to reflect the probable intent of congress.
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