The Internal Revenue Service (IRS) is requesting comments from the public and other federal agencies about continuing information collections related to the repeal of the bonding requirement for low-income housing tax credit recapture, as outlined by the Paperwork Reduction Act of 1995. The comment period is open until May 5, 2025, and inputs are sought on the necessity, burden, and potential improvements to these collections. This notice also clarifies that the IRS is not making any changes to the current paperwork burden for this collection. Kerry L. Dennis, a Tax Analyst at the IRS, approved this request.
Simple Explanation
The IRS is asking people to share their thoughts on some forms and rules they have, especially about changing a rule that usually makes sure people who get tax credits for helping build homes for low-income families have extra safety money saved just in case. They want to know if these forms are still needed, if theyβre too hard to fill out, and how they might make them better.