IRS Releases 2015-2016 Priority Guidance Plan
The IRS recently released its 2015-2016 Priority Guidance Plan as well as a fourth-quarter update to the 2014-2015 guidance plan. Through this plan year, the IRS plans to address 277 projects. Compared to the prior version of the plan, the IRS has removed a few tax credit-related priorities. It removed the proposal to update Rev. Proc. 2007-54, which provides low-income housing tax credit relief in the case of a presidentially declared disaster area. This is because the IRS already issued guidance on LIHTC relief in the case of a presidentially declared disaster area and notices for guidance 2014-49 and 2014-50. The IRS also removed a provision that was to provide guidance concerning the 10-year rule exception under Section 42(d)(6) for any federally or state-assisted building.
A copy of the 2015-2016 Priority Guidance Plan can be obtained from the IRS website here. The IRS has invited the public to continue providing comments and suggestions throughout the plan year. The IRS suggests typing IRS-2015-0008 in the search field on the Regulations.gov homepage to comment on recommendations for the 2015-2016 Guidance Priority List.