On October 7, 2022, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service released final and temporary Treasury regulations (New Regulations) implementing the average income set-aside for purposes of the low-income housing tax credit rules under Section 42 of the Internal Revenue Code of 1986, as amended. The New Regulations are scheduled to be published in the Federal Register on October 12, 2022, and are generally effective for taxable years beginning on or after January 1, 2023.
Listen here as Sidley partner Scott Pollock and associate Wondha Cadet dive deeper into these regulations and what to expect.
In this webinar, you will learn about:
- The qualified group requirements under the new average income set-aside regulations
- Recordkeeping and reporting requirements under the new regulations
- Examples illustrating the implementation of the qualified group requirements