This notice clarifies Notice 2021–12, 2021–6 I.R.B. 828, by providing a more precise citation in section IV.E of that notice.
In section IV.E, id. at 831, “§ 42(f)” is revised to be “§ 42(f)(3)(A)(ii)”.
As clarified, section IV.E now reads:
E. EXTENSION TO SATISFY OCCUPANCY OBLIGATIONS
For purposes of § 42(f)(3)(A)(ii), if the close of the first year of the credit period with respect to a building is on or after April 1, 2020, and on or before June 30, 2021, then the qualified basis for the building for the first year of the credit period is calculated by taking into account any increase in the number of low-income units by the close of the 6-month period following the close of that first year.
The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.