New LIHTC regs from IRS

The IRS has just circulated a new final rule, scheduled for publication Monday, on the filing of Forms 8586 and 8609 for low-income housing tax credit projects.

[UPDATE: It says the purpose of the change is "to reduce taxpayer burden by allowing taxpayers to file Form 8609 one time, instead of filing the form with the same information for 15 consecutive years. "]

Skipping the preamble, here are the guts of the actual new reg to be inserted in 26 CFR Part 1:

Par. 2. Section 1.42-1 is amended by revising paragraphs (h) and (j) to read as follows:
§1.42-1 Limitation on low-income housing credit allowed with respect to qualified low-income buildings receiving housing credit allocations from a State or local housing credit agency.
* * * * *
(h) Filing of forms. Unless otherwise provided in forms or instructions, a completed Form 8586, "Low-Income Housing Credit," (or any successor form) must be filed with the owner's Federal income tax return for each taxable year the owner of a qualified low-income building is claiming the low-income housing credit under section 42(a). Unless otherwise provided in forms or instructions, a completed Form 8609, "Low-Income Housing Credit Allocation and Certification," (or any successor form) must be filed by the building owner with the IRS. The requirements for completing and filing Forms 8586 and 8609 are addressed in the instructions to the forms.
* * * * *
Accordingly, 26 CFR part 1 is amended as follows:
(j) Effective dates. Section 1.42-1(h) applies to forms filed on or after November 7, 2005. The rules that apply for forms filed before November 7, 2005 are contained in §1.42-1T(h) and §1.42-1(h) (see 26 CFR part 1 revised as of April 1, 2003, and April 1, 2005).

We'll have the Federal Register link Monday presuming it appears on schedule.

[UPDATE: Here's the old Sec. 1.42-1(h) from the CFR of April 1, 2005.]