IRS Issues Final Regulations on New Markets Tax Credit Qualification

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IRS unveils final regulations (T.D. 9560) detailing how entities can meet the qualification requirements to claim the New Markets Tax Credit under Section 45D(e)(2). Among other adopted comments, IRS provides a special rule that generally treats an entity whose sole business is the rental to others of real property as satisfying the 50 percent gross income requirement if it is being treated as located in a low-income community.