This revenue ruling holds that if one or more of a State’s allocations, under section 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are part of the overall Returned Credit Component of a State’s housing credit ceiling in the year of return. As such, reallocations of these returned amounts are not restricted to projects located in qualified disaster zones.

26 CFR 1.42-14: Allocation rules for post-2000 State housing credit ceiling amount.

Announcement 2024-7 contains corrections to Revenue Procedure 2024-5, 2024-5 IRB 1, which contains errors in the user fee schedule found in Appendix A, which user fees apply to certain requests for advance approvals.

The Internal Revenue Service has revoked its determination that Altruistic United Humanity Association qualifies as an organization described in sections 501(c )(3) and 170(c)(2) of the Internal Revenue Code of 1986. The revocation is effective January 1, 2018. If a suit for declaratory judgment has been timely filed, contributions from individuals and organizations described in section 170(c )(2) that are otherwise allowable will continue to be deductible. Protection under section 7428(c ) would begin on January 1, 2018 and would end on the date the court first determines the organization is not described in section 170(c )(2) as more particularly set for in section 7428( c)(1). For individual contributions, the maximum deduction protected is $1,000, with a husband and wife treated as one contributor. This benefit is not extended to any individual, in whole or in part, for the acts or omissions of the organization that were the basis for revocation.

Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(c).

The Treasury Department and the IRS intend to propose regulations addressing the requirements for determining in which population census tracts qualified alternative fuel vehicle refueling property must be placed in service in order to be eligible for the alternative fuel vehicle refueling property credit under § 30C of the Internal Revenue Code. This notice specifies the requirements that the forthcoming proposed regulations would set forth for qualifying as an eligible census tract for purposes of the § 30C credit and provides guidance that the forthcoming proposed regulations would set forth on how taxpayers can verify that property satisfies the geographic requirements of § 30C.

This notice provides guidance on certain distributions from or distributions transferred to the Maryland Prepaid College Trust, a qualified tuition program within the meaning of section 529 of the Internal Revenue Code, for taxpayers impacted by recent system issues described in the Maryland State Treasurer’s Decision Memorandum dated July 10, 2023. Specifically, this notice provides that the 12-month limitation described in section 529(c)(3)(C)(iii) will not be treated as applying to certain distributions described in section III of this notice.