IRS Issues Guidance on Minimum Tax Credit Percentage
By Caitlin Jones & A. J. Johnson
1 min read
New IRS Notice 2008-106 clarifies that the minimum 9% credit percentage for the low-income housing tax credit, available for non-federally subsidized buildings placed in service after 7/30/08 and before 12/31/13, is available even if a building owner made an election on or before 7/30/08 to lock in the credit percentage. This change was made by the recent Housing and Economic Recovery Act of 2008, but there had been uncertainty by some as to whether owners who had previously locked in their credit rate could take advantage of the new change.
(http://www.irs.gov/pub/irs-drop/n-08-106.pdf)
