The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA of 2021
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA of 2021
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
Apr 08

IRS Provides Revenue Procedure to Address Issues Related to Amending Tax Returns and Form 8609

  • April 8, 2020
  • 2020 News, Housing Credit, Regulatory Issues

The Internal Revenue Service (IRS) has released a new revenue procedure that allows once again the amending of Bipartisan Budget Act (BBA) partnership tax returns once Form 8609s are received for 2018 tax returns, as long as the partnership files an amended return by September 30, 2020. In February, the AHTCC had provided a letter to the IRS expressing concerns about this issue which previously created discrepancies between when Housing Credits could be claimed and the timing and amount of tax credit equity contributions to Housing Credit partnerships.

Due to recent changes to the partnership audit regime pursuant to the BBA, a new process for amending tax returns had changed when Housing Credits could be claimed. Prior to the change, credits could be claimed by amending a previously filed return upon receipt of the Form 8609, even if the form issuance was delayed. The change no longer allowed partnerships to file amended returns. Instead, a partnership would have been required to file an administrative adjustment request (AAR) and the investor would generally claim the Housing Credits included in an AAR on the tax return for the year in which the AAR is filed. This change could have created delays that ultimately impact the amount of tax credit equity available for properties.

In the AHTCC letter, we explain, “The present value of the ten-year stream of Housing Credits is an essential part of our affordable housing delivery system. It affects not only what investors will contribute, but also impacts the statutory computation of the amount. The changes to the process for filing amended returns will delay the receipt of Housing Credits in a way that impacts the viability of developments and may mean less affordable housing is built. It is also contrary to Congress’ intent.”

The new revenue procedure resolves this issue for 2018. The AHTCC appreciates the IRS’ action and will continue to advocate for a comparable solution for 2019 and future years.

  • Facebook
  • Twitter
  • Tumblr
  • Pinterest
  • Google+
  • LinkedIn
  • E-Mail

Comments are closed.

NEWS BY TOPIC

  • Advocacy Resources
  • Affordable Housing Credit Improvement Act (AHCIA)
  • AHTCC Meetings and Events
  • AHTCC Organizational Update
  • Build Back Better
  • Charles L. Edson Tax Credit Excellence Awards
  • Community Reinvestment Act (CRA)
  • COVID-19 Response
  • Housing Credit
  • News by Year
    • 2014 News
    • 2015 News
    • 2016 News
    • 2017 News
    • 2018 News
    • 2019 News
    • 2020 News
    • 2021 News
    • 2022 News
    • 2023 News
  • Regulatory Issues

The Affordable Housing Tax Credit Coalition is a trade organization of housing professionals who advocate in support of the Low-Income Housing Tax Credit

LATEST NEWS FROM AHTCC

  • AHTCC Sets Sight on 118th Congress After 2023 Spending Bill Excludes Tax Provisions
  • Reps. DelBene, Wenstrup, and Over 50 Others Urge House Leaders to Take Immediate Action on Housing Credit

AHTCC ON TWITTER

Retweet on Twitter AHTCC Retweeted
1 Feb 1620924389587030016

I spoke with members of the @AHTCCoalition to tell them more about our Low Income Housing Tax Credit Program.

Addressing our housing crisis is going to take all of us, and I’m determined to get ...things done for Arizona families. #Hobbs100

Load More...

CONTACT

1900 M Street NW, 3rd Floor
Washington, DC 20036
202-935-0977
info@taxcreditcoalition.org

JOIN AHTCC

FIND HOUSING

© 2020 The Affordable Housing Tax Credit Coalition