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The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
National Equity Fund, Inc. was founded by the Local Initiatives Support Corporation to be one of the first LIHTC syndicators, following the creation of LIHTC in the Tax Reform Act of 1986. LIHTC provides investors in affordable housing a dollar-for-dollar reduction in federal taxes in exchange for equity in new or refurbished affordable housing ...
All volunteers must pass a code of conduct exam and an intake interview/quality review exam. The VITA tax returns are prepared by IRS tax law certified volunteers. The volunteers are taught how to use tax software and specific tax law each year. They must pass a tax law exam to receive basic or advanced certification. The passing score is 80%.
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The first incentive is a tax credit of 20% for rehabilitation of historic structures. A historic structure is defined as a building listed in the National Register of Historic Places or a building in a registered historic district, acknowledged by the National Park Service. The second incentive is a tax credit of 10% for rehabilitation of ...
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The Tax Equity and Fiscal Responsibility Act of 1982 (Pub. L. 97–248), [1] also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before.