IRS Issues Proposed Rule on Targeted Populations
By Caitlin Jones & A. J. Johnson
1 min read
The IRS is soliciting comments by 12/23/08, and announced a public hearing for 1/22/09, on a new proposed regulation for the federal new markets tax credit program specifying how an entity serving certain targeted populations can meet the requirements to be a qualified active low-income community business. Published in the Federal Register on 9/24/08, the proposed rule reflects changes made to the program by a 2004 law. The rule’s preamble says taxpayers can rely on existing IRS Notice 2006-60 until a final rule is issued. A complete report on this rule will appear in the November issue of Tax Credit Advisor. (http://edocket.access.gpo.gov/2008/E8-22481.htm)
