The Resource Low-income housing tax credit, by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts

Low-income housing tax credit, by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts

Label
Low-income housing tax credit
Title
Low-income housing tax credit
Statement of responsibility
by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts
Creator
Contributor
Author
Issuing body
Subject
Genre
Language
eng
Summary
"Tax Management Portfolio, Low-Income Housing Tax Credit, No. 584-2nd, provides an in-depth analysis of the tax credit for the acquisition, construction, and/or rehabilitation of low-income housing. The low-income housing tax credit is calculated as a percentage of the eligible costs of acquiring, constructing, and/or rehabilitating a building that will provide low-income housing (the "eligible basis"), adjusted for the portion of the building occupied by low-income households (the "qualified basis"). The credit is claimed annually for 10 years, provided that low-income use is maintained continuously throughout a 15-year "compliance period" and the taxpayer commits to maintaining the project as a low-income housing project for an "extended use" period of at least an additional 15 years after the end of the compliance period (i.e., a total of 30 years). To qualify for the low-income housing credit, the building must receive an allocation of credits from a designated state agency (or be financed with tax-exempt bonds that are subject to a state's "volume cap") and at least a specified percentage (which can vary) of the units in the project must be occupied by persons whose incomes are substantially below the local area median. In addition, rents paid by low-income tenants are restricted to 30% of the imputed income limitation for each unit, based on the number of bedrooms in each unit."
Member of
Cataloging source
BNA
Characteristic
updating web site
http://library.link/vocab/creatorName
McDermott, James E
Entry convention
integrated entry
Former title
Rehabilitation tax credit and low-income housing tax credit
LC call number
KF6289.A1
LC item number
T35 no. 584-2nd (INTERNET)
Nature of contents
dictionaries
Regularity
complete irregular
http://library.link/vocab/relatedWorkOrContributorDate
1953-
http://library.link/vocab/relatedWorkOrContributorName
  • Machen, William F.
  • Lavin, Eric J.
  • Milder, Forrest David
  • Borod, Ronald S.
  • Tax Management Inc
Series statement
U.S. income portfolios
Series volume
584-2nd
http://library.link/vocab/subjectName
  • Historic buildings
  • Tax credits
  • Rehabilitation investment tax credit
Label
Low-income housing tax credit, by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts
Instantiates
Publication
Note
  • Authors: Forrest David Milder and Ronald S. Borod, <Oct. 3, 2007>
  • Published: Washington, D.C., 1996-2007
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Qualified basis
  • V.
  • Minimum set-aside and rent restriction tests
  • VI.
  • Housing tax credit allocation process
  • VII.
  • Mixed income projects and the available unit and vacant unit rules
  • VIII.
  • Scattered site projects
  • IX.
  • Detailed analysis
  • Placed in service rules and the start of the credit period
  • X.
  • State and local housing credit agencies
  • XI.
  • Housing tax credit allocations and tax-exempt bond financed projects
  • XII.
  • Depreciation and tax-exempt use property
  • XIII.
  • Compliance monitoring and reporting requirements
  • XIV.
  • I.
  • Recapture of housing tax credits
  • XV.
  • Correction of administrative errors
  • XVI.
  • Exit issues
  • XVII.
  • How housing tax credits are allocated by a partnership
  • XVIII.
  • State tax credits
  • XIX.
  • Background and overview of the Housing Tax Credit
  • Tax ownership issues
  • XX.
  • True debt issues
  • XXI.
  • Passive activity and at-risk rules
  • XXII.
  • Limitations on interest deductions imposed by 2017 Tax Act
  • XXIII.
  • Other applicable provisions of the 2017 Tax Act
  • XXIV.
  • II.
  • Limitation Based on Amount of Tax
  • XXV.
  • Other statutory, regulatory and judicial limitations
  • Working papers
  • Calculation of credit percentage
  • III.
  • Calculating eligible basis
  • IV.
Dimensions
unknown
Extent
1 online resource
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Publication frequency
Updated irregularly
Specific material designation
remote
System control number
(OCoLC)60387436
Label
Low-income housing tax credit, by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts
Publication
Note
  • Authors: Forrest David Milder and Ronald S. Borod, <Oct. 3, 2007>
  • Published: Washington, D.C., 1996-2007
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Qualified basis
  • V.
  • Minimum set-aside and rent restriction tests
  • VI.
  • Housing tax credit allocation process
  • VII.
  • Mixed income projects and the available unit and vacant unit rules
  • VIII.
  • Scattered site projects
  • IX.
  • Detailed analysis
  • Placed in service rules and the start of the credit period
  • X.
  • State and local housing credit agencies
  • XI.
  • Housing tax credit allocations and tax-exempt bond financed projects
  • XII.
  • Depreciation and tax-exempt use property
  • XIII.
  • Compliance monitoring and reporting requirements
  • XIV.
  • I.
  • Recapture of housing tax credits
  • XV.
  • Correction of administrative errors
  • XVI.
  • Exit issues
  • XVII.
  • How housing tax credits are allocated by a partnership
  • XVIII.
  • State tax credits
  • XIX.
  • Background and overview of the Housing Tax Credit
  • Tax ownership issues
  • XX.
  • True debt issues
  • XXI.
  • Passive activity and at-risk rules
  • XXII.
  • Limitations on interest deductions imposed by 2017 Tax Act
  • XXIII.
  • Other applicable provisions of the 2017 Tax Act
  • XXIV.
  • II.
  • Limitation Based on Amount of Tax
  • XXV.
  • Other statutory, regulatory and judicial limitations
  • Working papers
  • Calculation of credit percentage
  • III.
  • Calculating eligible basis
  • IV.
Dimensions
unknown
Extent
1 online resource
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Publication frequency
Updated irregularly
Specific material designation
remote
System control number
(OCoLC)60387436

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