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TREAS/IRS RIN: 1545-BQ47 Publication ID: Fall 2022 
Title: ●Section 42, Average Income Test Procedures 

The proposed regulations provide guidance relating to the average income test under section 42(g)(1)(C) of the Internal Revenue Code.  If a building is part of residential rental project that satisfies this test, the building may be eligible to earn low-income housing credits.  These proposed regulations affect owners of low-income housing projects, tenants in those projects, and State or local housing credit agencies that administer eligibility for low-income housing credits.  In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations concerning the recordkeeping and reporting requirements for the average income test under section 42(g)(1)(C).  The text of the temporary regulations also serves as the text of these proposed regulations.

Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.42-19   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 42   
Legal Deadline:  None
Action Date FR Cite
NPRM  10/12/2022  87 FR 61543   
NPRM Comment Period End  12/12/2022 
Final Action  05/00/2023 
Additional Information: REG-113068-22 (NPRM) Drafter attorney: Dillon Taylor (202) 317-3734 Reviewer attorney: James A. Holmes (202) 317-5114 Treasury attorney: Michael Novey (202) 622-1339 CC:PSI
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Local, State 
Small Entities Affected: Businesses, Governmental Jurisdictions  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Dillon J. Taylor
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-3734