The Internal Revenue Service (IRS) recently issued a notice for public comments on Form 8611: Recapture of Low-Income Housing Credit. Owners of Low-Income Housing Tax Credit (LIHTC) projects are able to claim a credit against their income tax. However, if the property is disposed or if it fails to meet certain requirements over a 15-year compliance period and a bond is not posted, the owner must use Form 8611 to recapture part of the LIHTCs claimed. While the IRS has not proposed new changes to the form, comments must be received by November 16, 2012.
Click here to read the notice.
