Treasury Regulations, Subchapter A, Sec. 1.42-1
From TaxAlmanac
Sec. 1.42-1 Limitation on low-income housing credit allowed with respect to qualified low-income buildings receiving housing credit allocations from a State or local housing credit agency
(a)–(g) [Reserved]. For further guidance, see §1.42–1T(a) through (g).
(h) Filing of forms. A completed Form 8586, “Low-Income Housing Credit,” must be filed with the owner's Federal income tax return for each taxable year the owner of a qualified low-income building is claiming the low-income housing credit under section 42(a). A completed Form 8609, “Low-Income Housing Credit Allocation Certification,” must be filed with the owner's Federal income tax return for each of the 15 taxable years of the compliance period. Failure to comply with the requirement of the preceding sentence for any taxable year after the first taxable year in the credit period will be treated as a mathematical or clerical error for purposes of section 6213(b)(1) and (g)(2).
(i) [Reserved]. For further guidance, see §1.42–1T(i).
(j) Effective date. Section 1.42–1(h) applies to forms filed on or after January 27, 2004. The rule that applies for forms filed before January 27, 2004 is contained in §1.42–1T(h) in effect before January 27, 2004 (see 26 CFR part 1 revised as of April 1, 2003).
[T.D. 9112, 69 FR 3827, Jan. 27, 2004]
