IRS Releases Limited GO Zone Allocation Relief

The Office of Chief Counsel has issued the below Notice 2007-10 addressing some administrative issues concerning carryover allocations made with GO Zone Credits.  The Notice states that Chief Counsel learned of carryfoward allocations which were intended to be made in calendar year 2006 however all the necessary paperwork was not signed and executed until January 2007.  Acknowledging the complexities Gulf Coast states are dealing with through the rebuilding efforts, Chief Counsel will recognize those allocations which satisfied all other allocation criteria but were not signed by an authorized representative as being made in calendar year 2006.