Search Results for keywords:"average income test"

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Search Results: keywords:"average income test"

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  • 2021-02146 — Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing
    Type:Proposed Rule
    Citation:86 FR 7986
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is holding a public hearing on March 24, 2021, about proposed regulations concerning the average income test related to the low-income housing credit. Those who wish to speak at the hearing must submit an outline of their topics by March 5, 2021. The hearing will be conducted via teleconference, and anyone interested in attending or testifying must email the IRS in advance to receive the necessary access details. The public hearing is related to a previous notice of proposed rulemaking published on October 30, 2020.

    Simple Explanation

    The government is holding a phone meeting where people can talk about rules for making housing more affordable; if someone wants to speak, they must tell the government what they will talk about by March 5, but the rules for choosing who can speak aren't very clear.

  • 2021-02653 — Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing
    Type:Proposed Rule
    Citation:86 FR 8721
    Reading Time:about a minute or two

    The Internal Revenue Service (IRS) announced a correction to its proposed regulations on the average income test related to the low-income housing credit. A public hearing on these regulations will be held via teleconference on March 24, 2021. Interested individuals must submit their speaking topics by March 5, 2021, or the hearing will be canceled. The error corrected involves a regulation identification number in a previous publication of the proposed rule.

    Simple Explanation

    The IRS is fixing a mix-up with their rules about making homes cheaper for people with lower incomes. They want to talk about it on a phone meeting in March, but they need to hear from people who want to join by early March, or they will cancel the meeting.