Tax Credit Assistance Program Grants Constitute Income, IRS Says

摘要

Low-income housing tax credit assistance program (TCAP) grants constitute income to the project owner, according to an Internal Revenue Service Office of Chief Counsel memorandum. (IRS CCA 201106008, 2011 WL 481977 (IRS CCA), issued December 3, 2010, and released February 11, 2011) Under the American Recovery and Reinvestment Act (ARRA), projects which received tax credits during fiscal 2007, 2008, and 2009 and needed additional funding are eligible for TCAP assistance.