IRS Suspends Income Limits, Allows Occupancy of Vacant Tax Credit Units by Storm, Flood Victims

摘要

The Internal Revenue Service has suspended certain low-income housing tax credit income and transient use restrictions for properties in areas affected by recent storms and flooding in Indiana, Iowa, and Wisconsin. Notice 2008-56 applies to areas in Indiana devastated by storms and flooding beginning on June 6; Notice 2008-58, to areas of Iowa affected by storms and flooding beginning on May 25; and Notice 2008-61, to areas in Wisconsin affected by storms beginning on June 5. Notices 2008-56 and 2008-58 were released on June 26, and they are scheduled for publication in the July 14 Internal Revenue Bulletin. Notice 2008-61 was issued on July 2 and is scheduled for publication in the July 28 Internal Revenue Bulletin.