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TREAS/IRS RIN: 1545-BQ47 Publication ID: Fall 2023 
Title: Section 42, Average Income Test Procedures 

The final 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 final 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. These final regulations concern the recordkeeping and reporting requirements for the average income test under section 42(g)(1)(C).

Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final 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  06/00/2024 
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