Novogradac & Company published in its April New Markets Tax Credit Report an article exploring IRS Private Letter Ruling 200910024 (PLR), released March 6, 2009, which addresses the targeted population’s gross income requirement. The article “analyzes certain types of income that a qualified active low income community business (QALICB) may consider to be derived from sales, rentals, services or other transactions with individuals who are low-income persons for purposes of satisfying the gross income test for an entity serving targeted populations.” read more…
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