Section 42, Low-Income Housing Credit Average Income Test Regulations; Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendments.

SUMMARY:

This document contains a correction to the final regulations (Treasury Decision 9967) published in the Federal Register on Wednesday, October 12, 2022. This correction includes final and temporary regulations setting forth guidance on the average income test for purposes of the low-income housing credit.

DATES:

These corrections are effective on November 30, 2022 and applicable on or after October 12, 2022.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations, Dillon Taylor at (202) 317-4137.

SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9967) subject to this correction are issued under section 42 of the Internal Revenue Code.

List of Subjects in 26 CFR Part 1

• Income taxes
• Reporting and recordkeeping requirements

Correction of Publication

Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:

PART 1—INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

Par. 2. Section 1.42-19 is amended by revising table 2 to paragraph (e)(3)(i) to read as follows: