[Federal Register Volume 87, Number 218 (Monday, November 14, 2022)]
[Rules and Regulations]
[Page 68048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24636]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9967]
RIN 1545-BO92


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

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendments.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections 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 14, 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 amendments:

PART 1--INCOME TAXES

0
 Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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


0
Par. 2. Section 1.42-19 is amended by revising the first sentence of 
paragraph (d)(1)(v) to read as follows:


Sec.  1.42-19  Average income test.

* * * * *
    (d) * * *
    (1) * * *
    (v) * * * If one or more units lose low-income status or if there 
is a change in the imputed income limitation of some unit and if either 
event would cause a previously qualifying group of units to cease to be 
described in paragraph (b)(2)(ii) of this section, then the taxpayer 
may designate an imputed income limitation for a market-rate unit or 
may reduce the existing imputed income limitations of one or more other 
units in the project in order to restore compliance with the average 
income requirement. * * *
* * * * *

Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel, 
(Procedure and Administration).
[FR Doc. 2022-24636 Filed 11-10-22; 8:45 am]
BILLING CODE 4830-01-P