RR-2024-05, Qualified disaster zones in 2021 and 2022 and state housing credit ceilings

Revenue Ruling 2024-05 holds that if one or more of a State?s allocations, under section 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are part of the overall Returned Credit Component of a State?s housing credit ceiling in the year of return. As such, reallocations of these returned amounts are not restricted to projects located in qualified disaster zones.

Revenue Ruling 2024-05 will be in IRB: 2024-7, dated February 12, 2024.

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