These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations. This notice modifies the approach and the approach as set forth in Notice β65, β2 C. Notice β33, β17 I. That notice used an incorrect amount for the maximum foreign earned income exclusion to calculate the housing cost amount for Notice β44 revokes Notice β33 and provides the correct amount of the maximum housing expenses and the base housing amount for Notice β44 also provides an updated table of adjusted limitations on housing expenses.
Generally, Notice β44 provides for adjustments to the limitation on housing expenses for purposed of section of the Internal Revenue Code. These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States. Further, if the limitation on housing expenses is higher for taxable year than the adjusted limitations on housing expenses provided in Notice β21, qualified taxpayers may apply the adjusted limitations for taxable year to their taxable year.
This Notice advises State and local housing credit agencies that allocate low-income housing tax credits under section 42, and States and other issuers of tax-exempt private activity bonds under section , of the population figures to use in calculating: 1 the calendar year population-based component of the State housing credit ceiling Credit Ceiling under section 42 h 3 C ii ; 2 the calendar year volume cap Volume Cap under section ; and 3 the volume limit Volume Limit under section k 5. Notice β47 explains how a State or local government amends the nomination of an empowerment zone to provide for a new termination date of December 31, This revenue procedure provides the inflation adjusted amounts for Health Savings Accounts as determined under section of the Internal Revenue Code.
The Internal Revenue Bulletin is the authoritative instrument of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
It is published weekly. It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application of the tax laws, including all rulings that supersede, revoke, modify, or amend any of those previously published in the Bulletin.
