The IRS today released an advance version of Notice 2018-17 that expands certain low-income housing credit hurricane-related disaster relief for Puerto Rico.
Notice 2018-17 [PDF 30 KB] was issued by the IRS in response to the devastation caused by Hurricane Maria in Puerto Rico. The IRS notice expands the temporary relief that is provided by Rev. Proc. 2014-49 and Rev. Proc. 2014-50, but limited to the Hurricane Maria “major disaster” in Puerto Rico (as defined by this guidance).
The IRS also requested comments regarding any “desirable modifications” to Rev. Proc. 2014-49 and Rev. Proc. 2014-50.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.