Treasury, IRS Release Priority Guidance Plan for 2018–2019
The Treasury Department and IRS recently released their third quarter update to their 2018–2019 Priority Guidance Plan, detailing tax guidance the government intends to focus its efforts on in the coming months. The update identifies projects needed to implement tax changes made by the 2017 Tax Cuts and Jobs Act.
According to the guidance, the Treasury Department intends to issue regulations under Internal Revenue Code Section 42 regarding the income-averaging test for LIHTC sites. The department also expects to issue final regulations regarding the utility allowance and the LIHTC credit under Section 42. Proposed and temporary regulations for this issue were published on March 3, 2016.