IRS Solicits Comments on Form 8586
The IRS recently released a notice inviting public comments on Form 8586, Low-Income Housing Tax Credit. IRS Code Section 42 permits owners of sites providing low-income housing to claim a tax credit for part of the cost of constructing or rehabilitating such low-income housing.
Form 8586 is used by taxpayers to compute the credit and by the IRS to verify that the correct credit has been claimed. There is no change being made to the form at this time. Written comments are being requested and are due on or before Feb. 16. If there are particular comments you'd like to make or suggest changes to the form, you can comment by writing to Michael Joplin; Internal Revenue Service, Room 6129; 1111 Constitution Avenue NW; Washington, DC 20224.