News | The Final Average Income Test Rule is Here!
Oct 07, 2022
The proposed AIT regulation was released on October 30, 2020. After a significant level of public comment about problematic provisions of the draft, the IRS has amended the proposed reg and made it available today. It is scheduled to be published in the Federal Register on October 12. The new regulation can be read HERE.
We will provide further commentary as we digest the new regulation.
We can confirm that a preliminary reading makes it clear that this is very good news for the AIT as a viable minimum set aside option!
Bonus | A Summary of the AIT - in Documents
2018 | Original AIT Statute (raw and redlined into full statute version)
2019 | Compilation of State AIT Policies
Note: Thanks to Carol Howard
2020 | Proposed Rule
2020 | NCSHA Response to Proposed Rule
2022 | LIHTC Working Group Response to Proposed Rule
2021 | NCSHA & Stakeholder's Follow-up Comments on Proposed Rule
Note: The Costello Companies were co-signers. This letter was referred to in the congressional letter
2022 | Congressional Letter to Treasury
There is a very good chance that the topic of this post is covered in an online on-demand course at Costello University.
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