Section 42 Of The Internal Revenue Code
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Internal revenue code section 42.
Section 42 of the internal revenue code. 1 1991 but to remain in effect with respect to single room occupancy dwellings as authorized by subchapter iv 11361 et seq of chapter 119 of title 42. Including effective dates and related provisions sec. Internal revenue code section 42 january 31 2013.
28 1990 104 stat. Bloomberg tax offers full text of the current internal revenue code free of charge. Links to related code sections make it easy to navigate within the irc.
The section 42 housing program refers to that section of the internal revenue tax code which provides tax credits to investors who build affordable housing. Internal revenue code 42 low income housing credit. Irc section 42 low income housing credit.
The amount of the low income housing credit for any taxable year in the credit period is an amount equal to the applicable percentage of the qualified basis of each qualified low income building as defined in 42 c 2. Internal revenue code section 42 august 8 2013. The tax credit encourages developers to build affordable housing to meet the needs of the community.
As a condition for receiving housing tax credits owners must keep the units affordable for a specified number of years. Section 42 a provides for a credit for investment in certain low income housing buildings. It provides tax credits for investors who build affordable housing.
Section 8 e 2 of the act was repealed by pub. 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. Free access to full text of the internal revenue code including editor s notes and updated continuously from bloomberg tax.
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