Irs Code Section 42

For purposes of section 38 the amount of the low income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to 1 the applicable percentage of 2 the qualified basis of each qualified low income building.
Irs code section 42. It establishes a method for determining the income eligibility. The irc 42 low income housing credit program was enacted by congress as part of the tax reform act of 1986 to encourage new construction and rehabilitation of existing buildings as low income rental housing for households with income at or below specified income levels. 252 low income housing tax credit a in general for purposes of section 38 the amount of the low income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to 1.
Irc section 42 low income housing credit. Links to related code sections make it easy to navigate within the irc. Bloomberg tax offers full text of the current internal revenue code free of charge.
Including effective dates and related provisions sec. Section 42 a provides for a credit for investment in certain low income housing buildings. Internal revenue code 42 low income housing credit.
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