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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.
Michigan has a much expanded earned income tax credit that will enrich tax refunds for many families. ... according to IRS data. The average refund amount was $3,050 through March 29, up 4.8%.
The Act "amend[s] the Fair Housing Act to modify the exemption from certain familial status discrimination prohibitions granted to housing for older persons." [3] The short title is the "Housing for Older Persons Act of 1995." [4] Section 2, defining "housing for older persons", amends Section 807(b)(2)(C) of the Fair Housing Act, [5] as that being
Certain circumstances extend this time limit, including substantial understatement of income and fraud. The taxpayer and the IRS may agree [110] to allow the IRS additional time to conclude an audit. If the IRS proposes adjustments, the taxpayer may agree to the adjustment, appeal within the IRS, or seek judicial determination of the tax.
The Michigan Treasury is processing both the supplemental checks for the 2022 tax year for the Michigan earned income tax credit and individual income tax refunds for the 2023 tax year.
In 2010, the U.S. Department of Treasury sent Michigan $761 million in Hardest Hit Funds following the housing and mortgage crisis. MSHDA said that it expects that applications will exceed ...