Section 42 Internal Revenue Code

Investors receive a reduction in their tax liability in return for providing affordable housing to people with fixed or lower income.

Section 42 internal revenue code. Section 42 of the internal revenue code. 101 625 title ii 289 b 1 nov. The program regulations are under section 42 of the internal revenue code.

Enactment of the revenue reconciliation act of 1990 was elected with respect to such. Of section 1917 of the social security act 42 u s c. 1 1991 but to remain in effect with respect to single room occupancy dwellings as authorized by subchapter iv 11361 et seq of chapter 119 of title 42.

Income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to 1 the applicable percentage of 2 the qualified basis of each qualified low income. This site is updated continuously and includes editor s notes written by expert staff at bloomberg tax indicating when a section has been repealed or when there is a delayed effective date allowing you to see the current and future law. Tenant qualifications for section 42 tax credit programs.

This document is not an official pronouncement of the law or position of the national. See section 12839 b of title 42. Internal revenue code 26 usca section 642.

1 irc 42 low income housing credit revision date august 11 2015. Read the code on findlaw. The tax credit encourages developers to build affordable housing to meet the needs of the community.

Bloomberg tax offers full text of the current internal revenue code free of charge. Section 8 e 2 of the act was repealed by pub. Law and questions and answers a.