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
Resource Information
The item Low-income housing tax credit, by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Biddle Law Library - University of Pennsylvania Law School.This item is available to borrow from 1 library branch.
Resource Information
The item Low-income housing tax credit, by James E. McDermott, Esq., William F. Machen, Esq., Eric J. Lavin, Esq., Holland & Knight LLP, Boston, Massachusetts represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Biddle Law Library - University of Pennsylvania Law School.
This item is available to borrow from 1 library branch.
- 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."
- Language
- eng
- Extent
- 1 online resource
- Note
-
- Authors: Forrest David Milder and Ronald S. Borod, <Oct. 3, 2007>
- Published: Washington, D.C., 1996-2007
- 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.
- 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
- 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."
- 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
- 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
- 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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