IRS Clarifies Submetering Rule
The IRS published Notice 2009-44 on May 5th to
clarify the submetering dilemma experienced since the publication of the
Final Utility Allowance Regulations.
The Notice clarifies that utility costs paid by
a tenant and based on actual consumption in a submetered Tax Credit unit
are treated as paid directly by the tenant for purposes of Section
42(g)(2)(B)(ii).
The modification is retroactive for taxable
years beginning on or after July 29, 2008 and will generally apply to
building owners as of January 1, 2009.
A complete summary of this Notice will be found
in the next issue of The
Compliance Monitor.
To obtain a copy of the Notice,
click here.
|
.gif)
