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Two IRS Notices on Relief from Certain Requirements in Context of Disaster Relief

The IRS issued the following two notices on temporary relief from certain requirements of §42 and §142(d) of the Internal Revenue Code:

Revenue Procedure 2014-49 which, in the context of a Major Disaster, provides temporary relief from certain requirements of § 42 of the Internal Revenue Code for Agencies and Owners.  The revenue procedure also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. To read this notice, please click here

Revenue Procedure 2014-50 automatically suspends certain requirements under § 142(d) for qualified residential rental projects financed with exempt facility bonds issued by state and local governments under § 142.  The revenue procedure suspends these requirements for one year following a Presidential declaration of a qualifying major disaster.  During this period, the revenue procedure suspends the income requirements for units occupied by individuals displaced by the disaster and modifies other requirements of § 142(d) to accommodate this suspension. To read this notice, please click here

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