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New Markets Tax Credit; Correction

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendment.

SUMMARY:

This document contains corrections to final regulations (TD 9171), that were published in the Federal Register on Tuesday, December 28, 2004 (69 FR 77625) relating to the new markets tax credit under section 45D.

DATES:

This correction is effective December 28, 2004.

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FOR FURTHER INFORMATION CONTACT:

Paul F. Handleman or Lauren R. Taylor, (202) 622-3040 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9171) that are the subject of these corrections are under section 45D of the Internal Revenue Code.

Need for Correction

As published, TD 9171 contains errors that may prove to be misleading and are in need of clarification.

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List of Subjects in 26 CFR Part 1

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Correction of Publication

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Accordingly,

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PART 1—INCOME TAXES

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Authority: 26 U.S.C. 7805 * * *

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[Corrected]
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New markets tax credit.
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(d) * * *

(5) * * *

(ii) Rental of real property. The rental to others of real property located in any low-income community (as defined in section 45D(e)) is a qualified business if and only if the property is not residential rental property (as defined in section 168(e)(2)(A)) and there are substantial improvements located on the real property. However, a CDE's investment in or loan to a business engaged in the rental of real property is not a qualified low-income community investment under paragraph (d)(1)(i) of this section to the extent a lessee of the real property is described in paragraph (d)(5)(iii)(B) of this section.

(h) * * *

(2) Exception. Paragraph (d)(5)(ii) of this section as it relates to the restriction on lessees described in paragraph (d)(5)(iii)(B) of this section applies to qualified low-income community investments made on or after June 22, 2005.

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Cynthia E. Grigsby,

Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedures and Administration).

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[FR Doc. 05-1552 Filed 1-27-05; 8:45 am]

BILLING CODE 4830-01-P