Mass Revocation of Nonprofits' Tax-Exempt Status Raises Concerns About Impact on Tax Credit Projects

摘要

The revocation of the tax-exempt status of 275,000 nonprofit organizations for failing to file annual reports has raised concerns about the potential impact on low-income housing tax credit projects which received allocations under nonprofit set-asides. "This is a nuclear weapon for nonprofit tax credit projects because their allocations could be deemed to be invalid," said Anthony Freedman, an attorney with Holland & Knight, LLP in Washington, during the National Council of State Housing Agencies (NCSHA) housing credit conference on June 15.