kcjenkins Posted August 22, 2014 Report Share Posted August 22, 2014 Washington, D.C. (August 21, 2014) By Roger Russell Newly issued Revenue Procedure 2014-49 provides temporary relief from certain requirements of Section 42 of the Tax Code (the low-income housing credit), in the context of a "major disaster." The revenue procedure also provides emergency housing relief for individuals who are displaced by a major disaster from their principal residences in certain major disaster areas, and specifies the conditions under which an owner can provide housing in a low-income housing building to temporarily displaced individuals. A "major disaster" is a disaster as declared by the president under Section 401 of the Stafford Act, 42 U.S.C. § 5170. Rev. Proc. 2014-49 modifies and supersedes Rev. Proc. 2007-54. Quote Link to comment Share on other sites More sharing options...
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