Sites Affected by California Wildfires Get Temporary Compliance Relief
In response to the devastation caused by the 2018 California wildfire season, the IRS recently issued a notice to the state committee that administers federal and state low-income housing tax credits to extend the date of its compliance review of credits in the three affected counties to either Nov. 25 or one year after the date of a building’s restoration and placement back into service. The relief is extended to California individuals affected by destructive wildfires last year in Butte, Los Angeles, and Ventura counties.
The 2018 California wildfire season was the deadliest and most destructive to ever hit the state, according to the California Department of Forestry and Fire Protection. As of May 2019, insurance claims related to the fires had reached $12 billion.