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Low-Income Housing Tax Credit
Introductory Guide
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Introduction to Tax Credits
This guide was created to provide a general overview of the tax credit program. The Guide is the Commission's interpretation of the requirements under Section 42 of the Code and subsequent amendments, as well as other conditions imposed on the program by the Commission. It is intended for use by those who have a limited knowledge of tax credits but may wish to use the program in the development of affordable housing for low-income tenants. As a general overview, the guide does not replace the complete rules and regulations of Section 42 of the Code or additional conditions the Commission has included in its Qualified Allocation Plan and Policies.
The tax credit program is complex with many technical rules governing a building's qualification for credit, the amount of the credit, and the ability of the owner to use the tax credit to offset federal income tax liability. If done incorrectly, fees can be forfeited, credits can be lost, and projects may fail. For these reasons, we recommend that potential applicants, lenders, and investors consult with their professional advisors: legal counsel, tax advisor, accountant, and financial advisor, before proceeding with an application.
10/30/2008