Td 9848

This document is scheduled to be published in the
Federal Register on 02/26/2019 and available online at
https://federalregister.gov/d/2019-03388, and on govinfo.gov

[4830-01-p]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9848]
RIN 1545-BL39
Amendments to the Low-Income Housing Credit Compliance-Monitoring
Regulations
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations and removal of temporary regulations.
SUMMARY: This document contains final regulations that amend the
compliance monitoring regulations concerning the low-income housing credit
under section 42 of the Internal Revenue Code (Code). These final regulations
revise and clarify the requirement to conduct physical inspections and review
low-income certifications and other documentation. The final regulations will
affect owners of low-income housing projects that claim the credit, the tenants in
those low-income housing projects, and the State and local housing credit
agencies that administer the credit.
DATES: Effective date: These regulations are effective on [INSERT DATE OF
PUBLICATION IN THE FEDERAL REGISTER].
Applicability Dates: For dates of applicability see §1.42-5(h)(2).
FOR FURTHER INFORMATION CONTACT: Barbara Campbell or
YoungNa Lee, (202) 317-4137 (not a toll-free number).
SUPPLEMENTARY INFORMATION:

Background
This document amends 26 CFR part 1 to finalize rules relating to
section 42 of the Code. On February 25, 2016, the Department of the Treasury
(Treasury Department) and the IRS published temporary regulations (T.D. 9753)
in the Federal Register (81 FR 9333), which amended §1.42-5 of the Income
Tax Regulations.
Section 42(m)(1) provides that the owners of an otherwise-qualifying
building are not entitled to the housing credit dollar amount that is allocated to the
building unless, among other requirements, the allocation is pursuant to a
qualified allocation plan (QAP). A QAP provides standards by which a State or
local housing credit agency or its Authorized Delegate within the meaning of
§1.42-5(f)(1) (Agency) is to make these allocations. A QAP also provides a
procedure that an Agency must follow in monitoring for compliance with the
provisions of section 42. A plan fails to be a QAP unless, in addition to other
requirements, it provides a procedure that the agency (or an agent or other
private contractor of such agency) will follow in monitoring for noncompliance
with the provisions of section 42 and in notifying the Internal Revenue Service of
such noncompliance which such agency becomes aware of and in monitoring for
noncompliance with habitability standards through regular site visits.
(Section 42(m)(1)(B)(iii)).
Section 1.42-5 (the compliance-monitoring regulations) describes some of
the provisions that must be part of any QAP. As part of its compliancemonitoring responsibilities, an Agency must perform physical inspections and
low-income certification review.

The compliance-monitoring regulations specifically provide that, for each
low-income housing project, an Agency must conduct on-site inspections of all
buildings within its jurisdiction by the end of the second calendar year following
the year the last building in the project is placed in service (the all-buildings
requirement). Prior to the issuance of the temporary regulations, the regulations
also provided that, for at least 20 percent of the project’s low-income units (the
20-percent rule), the Agency must both inspect the units and review the lowincome certifications, the documentation supporting the certifications, and the
rent records for the tenants in those same units (the same-units requirement).
Under the temporary regulations, guidance published in the Internal
Revenue Bulletin may provide exceptions from, or alternative means of
satisfying, the inspection provisions of §1.42-5(d). Rev. Proc. 2016-15 (2016-11
I.R.B. 435) was published concurrently with the temporary regulations and
provides that the U.S. Housing and Urban Development (HUD) Real Estate
Assessment Center Protocol (the REAC protocol) satisfies both §1.42-5(d) and
the physical inspection requirements of §1.42-5T(c)(2)(ii) and (iii). The revenue
procedure provides that, in a low-income housing project, the minimum number
of low-income units that must undergo physical inspection is the lesser of 20
percent of the low-income units in the project, rounded up to the nearest whole
number of units, or the number of low-income units set forth in the Low-Income
Housing Credit Minimum Unit Sample Size Reference Chart in the revenue
procedure (the REAC numbers). The revenue procedure also applies the same

rule to determine the minimum number of units that must undergo low-income
certification review.
The temporary regulations also required that Agencies continue to comply
with the all-buildings requirement unless guidance published in the Internal
Revenue Bulletin pursuant to §1.42-5T(a)(iii) provides otherwise. Rev. Proc.
2016-15 provides for such an exception. Under Rev. Proc. 2016-15, the allbuildings requirement does not apply to an Agency that uses the REAC protocol
to satisfy the physical inspection requirement, because the Treasury Department
and the IRS have determined that the REAC protocol is an acceptable method
for satisfying both §1.42-5(d) and the physical inspection requirement of §1.425T(c)(2)(ii) and (iii).
Finally, the temporary regulations decoupled the physical inspection and
low-income certification review and ended the same-units requirement.
Accordingly, an Agency is no longer required to conduct a physical inspection
and low-income certification review of the same unit. Because the units no
longer needed to be the same, an Agency may choose a different number of
units for physical inspection and for low-income certification review provided the
Agency chooses at least the minimum number of low-income units. Further, an
Agency may choose to conduct a physical inspection and low-income
certification review at different times.
On the same day the temporary regulations were published, the Treasury
Department and the IRS also published a notice of proposed rulemaking (REG150349-12, 81 FR 9379) (the proposed regulations). The text of the proposed

regulations incorporated by cross-reference the text of the temporary regulations.
The Treasury Department and the IRS received written comments on the
proposed regulations. No requests for a public hearing were made, and no
public hearing was held.
The Treasury Department and the IRS considered the written comments
in light of the questions presented in the preamble of the temporary regulations.
The Treasury Department and the IRS resolved those comments and questions
concerning the temporary regulations and the interim guidance as discussed in
this preamble and incorporated in this Treasury Decision.
Summary of Comments and Explanation of Provisions
I.

Whether the REAC numbers should replace the 20-percent rule for
physical inspection and low-income certification review
Historically, the Treasury Department and the IRS have not required an

Agency physically to inspect every low-income residential unit in a low-income
project. Instead, if physical inspection of a representative random sample of
units yielded satisfactory results, the Agency was permitted to infer that the
uninspected units were similar. In such an exercise, a critical question is how
large a sample is needed to support confidence in that inference. Decades ago,
the Treasury Department and the IRS determined that a sample was adequate if
it included at least 20 percent of a project’s low-income units, regardless of the
total number of low-income units in the project. (T.D. 8430, 57 FR 40121,
September 2, 1992).
The REAC protocol requires sample sizes that differ from those that the
Treasury Department and the IRS had required. In developing that protocol,

HUD sought to determine sample sizes that would yield equally reliable
inferences regardless of the size of the number of residential units in a project.
HUD’s statistical analysis produced minimum sample sizes that are much lower
than 20 percent of large projects’ units but somewhat higher than 20 percent of
total units for small projects. The implication of the HUD conclusions was that
the tax regulations’ 20 percent requirement for low-income housing credit
inspections may have been unnecessarily burdensome for large projects and
may have failed adequately to assess habitability in smaller ones.
In the temporary regulations the Treasury Department and the IRS
responded to that implication with a two-step process—minimum sample size
was reduced for large projects, and taxpayers were asked whether analogous
statistical considerations should be applied to increase minimum sample sizes for
small ones.
First, under the temporary regulations, the 20-percent rule and the REAC
numbers (if an Agency is using the REAC protocol) are used by an Agency for
purposes of conducting physical inspections and the low-income certification
reviews. Rev. Proc. 2016-15 provides that an Agency must conduct on-site
inspections and low-income certification review of the lesser of—
(1) 20 percent of the low-income units in the low-income housing project,
rounded up to the nearest whole number of units, or
(2) The Minimum Unit Sample Size set forth in the Low-Income Housing
Credit Minimum Unit Sample Size Reference Chart. (The numbers in the chart
come from the REAC protocol.)

Second, in the preamble to T.D. 9753, the Treasury Department and the
IRS expressed concern about application of the 20-percent rule for projects with
a relatively small number of low-income units. The concern is that, in smaller
projects, physical inspections and the low-income certification review of
20 percent of units (even a representative random sample) may not produce a
sufficiently accurate estimate of the uninspected units’ overall compliance with
habitability and low-income requirements. The preamble further states that the
Treasury Department and the IRS intend to consider replacing Rev. Proc. 201615 with a requirement that does not permit use of the 20-percent rule for projects
with a relatively small number of low-income units. Comments were requested.
One commenter responded that it was not concerned about ending the
20-percent rule for projects with a relatively small number of low-income units,
because it is among those Agencies whose State or local rules require them to
inspect a minimum number of units that exceeds the minimum numbers in
Rev. Proc. 2016-15.
These final regulations remove the rule that allows minimum sample size
to be the lesser of 20-percent of the total number of low-income units or the
minimum unit sample size set forth in the Low-Income Housing Credit Minimum
Unit Sample Size Reference Chart. Instead, under these final regulations,
Agencies must inspect no fewer units than the number specified for projects of
the relevant size as set forth in the Low-Income Housing Credit Minimum Unit
Sample Size Reference Chart. The Treasury Department and the IRS have
determined that the REAC numbers produce a statistically valid sampling of

units, which establishes confidence in the compliance monitoring results for
projects of varying size. The Treasury Department and the IRS have further
determined that the REAC numbers reasonably balance burden on Agencies,
tenants, and building owners with the need to adequately monitor habitability and
compliance with the low-income housing credit income and gross-rent
restrictions. Agencies, however, continue to have discretion to inspect and
review more units as they see fit.
II.

Whether the final regulations should retain the all-buildings requirement
The temporary regulations (§1.42-5T(c)(2)(iii)(A)(1) and (2)) require that

an Agency physically inspect all buildings in a low-income housing project by the
end of the second calendar year following the year the last building in the lowincome housing project is placed in service and at least once every 3 years
thereafter. However, Rev. Proc. 2016-15 excepts from this all-buildings
requirement a project inspection conducted under the REAC protocol. The
exception was specifically carved out based on confidence in, and deference to,
an inspection done under HUD oversight.
Two commenters recommended that the final regulations also dispense
with the all-buildings requirement for Agencies not using the REAC protocol. The
final regulations do not adopt this recommendation. The REAC protocol requires
that inspectors be specially trained in its use. When an Agency is not using that
protocol, it may choose inspectors of diverse expertise to conduct inspections.
The quality of these inspections may vary across projects and jurisdictions.

Under the all-buildings rule, if the randomly selected minimum number of
low-income units to be inspected fails to include at least one unit in one or more
buildings in a project, then an Agency may satisfy the requirement by inspecting
some aspect of each omitted building. These aspects might include the building
exterior, common area, HVAC system, etc. In the absence of HUD oversight,
requiring that all-buildings be inspected serves as a quality control mechanism.
III.

Whether the final regulations should shorten the reasonable-notice time
frame
The temporary regulations require an Agency to select low-income units to

inspect and low-income certifications to review in a manner that will not give
advance notice that a particular low-income unit (or low-income certifications for
a particular low-income unit) will or will not be inspected (or reviewed) for a
particular year. The temporary regulations allow an Agency to give an owner
reasonable notice that an inspection of the building and low-income units or
review of low-income certifications will occur, whether or not an Agency is
selecting the same units for inspection and for low-income certification review.
The temporary regulations provide that reasonable notice is generally no more
than 30 days, but they also provide a very limited extension for certain
extraordinary circumstances beyond an Agency’s control such as natural
disasters and severe weather conditions.
The Treasury Department and the IRS requested comments on whether
the same maximum amount of notice is reasonable for physical inspections as
for low-income certification review. Additionally, the Treasury Department and
the IRS requested comments on whether, for physical inspections, the

reasonable-notice time frame should be shortened. For example, under the
REAC protocol, an inspector provides a 15-day notice of an upcoming HUD
inspection of a project but same-day identification of the units to be inspected.
No comments were received.
These final regulations shorten the reasonable notice requirement to a 15day notice that a project will experience an upcoming physical inspection or
review of low-income certification. The Treasury Department and Internal
Revenue Service believe that the 15-day notice period gives building owners
reasonable notice that a review of low-income certifications will occur and gives
building owners and tenants reasonable notice that a project will be inspected
and that low-income units will be inspected if they are in the random sample that
will later be selected.
The statistical validity of inspecting only a sample of the low-income units
in a project depends on the sample being random and representative. Thus, the
validity would be destroyed if a project owner had an opportunity to selectively
prepare the units in the sample for inspection. Consistent with preserving the
validity of the inspection process, an Agency must select the low-income units to
inspect in a manner that will not give advance notice that a particular low-income
unit will or will not be inspected. Accordingly, the final regulations clarify that an
Agency may notify the owner of the particular low-income units for inspection
only on the day of inspection. The Treasury Department and IRS note that,
under the REAC protocol, HUD or HUD-Certified REAC inspectors randomly
select low-income units for inspection on the day of inspection.

IV. Whether the final regulations should allow an Agency to treat a scattered
site or multiple buildings with a common owner and plan of financing as
one low-income housing project absent a multiple-building election under
section 42(g)(3)(D)
Section 42(c)(2)(A) defines “qualified low-income building” as any building
that is part of a qualified low-income housing project at all times throughout the
compliance period. Section 42(g)(1) defines “qualified low-income housing
project” as any project for residential rental property if the project meets the
requirements of section 42(g)(1)(A), (B), or (C), whichever is elected by the
taxpayer. Section 42(g)(7) provides for a scattered site project. Under that
provision, buildings that would (but for their lack of proximity) be treated as a
project shall be so treated if all of the dwelling units in each of the buildings are
rent-restricted residential rental units. Section 42(g)(3)(D) provides that a project
contains only one building unless, prior to the end of the first calendar year in the
project period (as defined in section 42(h)(1)(F)(ii)), each building to comprise the
project is identified in the form and the manner that the Secretary provides.
Taxpayers make the multiple-building election on Form 8609 and by attaching a
statement identifying each of the buildings in a project subject to the election.
Two commenters recommended that, for purposes of compliance
monitoring (including determining how many units to inspect), the final
regulations provide special treatment to a scattered site or multiple buildings with
a common owner and plan of financing. The recommendation was that
compliance monitoring be conducted as if the multiple buildings were part of a
single project, even if the owner had not made a multiple-building election under
section 42(g)(3)(D). If the low-income units in all of the buildings were treated as

potentially representative of each other (as would be the case if the buildings
were part of a single project), the size of the sample to be inspected would be
lower than the aggregate number of units to be inspected if the buildings are
considered separately. Because of this separate treatment, according to these
commenters, the process of inspecting a number of small, single-building
projects (for example, single family, duplex, or triplex buildings) located
throughout a relatively large (possibly rural) geographic area is unnecessarily
burdensome. In particular, separate treatment requires at least one unit of each
of the building to be inspected. The Treasury Department and the IRS note that
the multiple-building election is a statutory requirement. Other than treating
these buildings as if such an election had been made, commenters did not
suggest criteria according to which units in buildings in different projects could be
treated as statistically representative of each other. For that reason, the
Treasury Department and the IRS are not adopting this recommendation in the
final regulations.
V.

Certification and Review Provisions under §1.42-5(c)
One commenter recommended that the regulations clarify that for

properties consisting of two or more separate projects, monitoring Agencies may
accept one certification form as long as it contains an attachment that identifies
all of the projects for which the certification is being made. The Treasury
Department and the IRS decline to adopt the comment, because it is beyond the
scope of the proposed regulations.

Effect on Other Documents
The temporary regulations authorize the IRS to provide in guidance
published in the Internal Revenue Bulletin exceptions from, or alternative means
of satisfying, the inspection provisions of §1.42-5(d). Rev. Proc. 2016-15 was
published concurrently with the temporary regulations and provides that the HUD
REAC protocol satisfies both §1.42-5(d) and the physical inspection
requirements of the temporary regulations. These final regulations contain the
guidance that Agencies need and do not rely on the IRS to provide in the Internal
Revenue Bulletin exceptions from, or alternative means of satisfying the
inspection provisions of §1.42-5(d) or these final regulations. Accordingly, Rev.
Proc. 2016-15 is obsolete with respect to an Agency as of the date on which the
Agency’s QAP is amended to reflect these final regulations. In all cases,
however, Rev. Proc. 2016-15 is obsolete after December 31, 2020.
Applicability Date
The Department of Treasury and the IRS are aware that additional time
may be needed for Agencies’ QAPs to be amended. The final regulations allow
Agencies a reasonable period of time to amend their QAPs, but QAPs must be
amended no later than December 31, 2020.
Special Analyses
This regulation is not subject to review under section 6(b) of Executive
Order 12866 pursuant to the Memorandum of Agreement (April 11, 2018)
between the Department of the Treasury and the Office of Management and
Budget regarding review of tax regulations. Therefore, a regulatory impact

assessment is not required. Because these regulations do not impose a
collection of information on small entities, the Regulatory Flexibility Act (5 U.S.C.
chapter 6) does not apply. Pursuant to section 7805(f) of the Code, the notice of
proposed rulemaking preceding these regulations was submitted to the Chief
Counsel for Advocacy of the Small Business Administration for comment on their
impact on small businesses. No comments were received from the Small
Business Administration.
Drafting Information
The principal authors of these regulations are Barbara Campbell and
YoungNa Lee, Office of the Associate Chief Counsel (Passthroughs and Special
Industries). However, other personnel from the IRS and the Treasury
Department participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Adoption of Amendments to the Regulations
Accordingly, 26 CFR part 1 is amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 is amended by removing the
entry for §1.42-5T to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
§ 1.42-0T [Amended]
Par. 2. Section 1.42-0T is amended by removing the entry for §1.42-5T.
Par. 3. Section 1.42-5 is amended by:

1. Removing paragraph (a)(2)(iii).
2. Revising paragraphs (c)(2)(ii) and (iii).
3. Revising paragraph (c)(3).
4. Revising paragraph (h)(2).
5. Removing paragraph (i).
The revisions and additions read as follows:
§1.42-5 Monitoring compliance with low-income housing credit requirements.
* * * * *
(c) * * *
(2) * * *
(ii) Require that, with respect to each low-income housing project, the
Agency conduct on-site inspections and review low-income certifications
(including in that term the documentation supporting the low-income certifications
and the rent records for tenants).
(iii) Require that the on-site inspections that the Agency must conduct
satisfy both the requirements of §1.42-5(d) and the requirements in
paragraph (c)(2)(iii)(A) through (D) of this section, and require that the lowincome certification review that the Agency must perform satisfies the
requirements in paragraphs (c)(2)(iii)(A) through (D) of this section.
Paragraph (c)(2)(iii)(A) through (D) of this section provides rules determining how
these on-site inspection requirements and how these low-income certification
review requirements may be satisfied by an inspection or review, as the case
may be, that includes only a sample of the low-income units.

(A) Timing. The Agency must conduct on-site inspections of all buildings
in the low-income housing project and must review low-income certifications of
the low-income housing project-(1) By the end of the second calendar year following the year the last
building in the low-income housing project is placed in service; and
(2) At least once every 3 years thereafter.
(B) Number of low-income units. The Agency must conduct on-site
inspections and low-income certification review of not fewer than the minimum
number of low-income units for the corresponding number of low-income units in
the low-income housing project set forth in the table to paragraph (c)(2)(iii).
Table to Paragraph (c)(2)(iii)
Number of Low-Income Units in the
Low-Income Housing Project

1
2
3
4
5-6
7
8-9
10-11
12-13
14-16
17-18
19-21
22-25
26-29
30-34
35-40
41-47
48-56
57-67
68-81

Number of Low-income Units Selected
for Inspection or for Low-Income
Certification Review (Minimum Unit
Sample Size)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

82-101
102-130
131-175
176-257
258-449
450-1,461
1,462-9,999

21
22
23
24
25
26
27

(C) Selection of low-income units for inspection and low-income
certifications for review--(1) Random selection. The Agency must select in a
random manner the low-income units to be inspected and the units whose lowincome certifications are to be reviewed. Agencies generally may not select the
same low-income units of a low-income housing project for on-site inspections
and low-income certification review, because doing so would usually give
prohibited advance notice. See paragraph (c)(2)(iii)(C)(2) of this section. An
Agency may choose a different number of units for on-site inspections and for
low-income certification review, provided the Agency chooses at least the
minimum number of low-income units in each case. The Agency must select the
units for inspections or low-income certification review separately and in a
random manner.
(2) Advance notification limited to reasonable notice. The Agency must
select the low-income units to inspect and low-income certifications to review in a
manner that does not give advance notice that a particular low-income unit (or
low-income certifications for a particular low-income unit) will or will not be
inspected (or reviewed) for a particular year. The Agency may notify the owner
of the low-income units for on-site inspection only on the day of inspection.
However, the Agency may give an owner reasonable notice that an inspection of

the project and of not-yet-identified low-income units or review of low-income
certifications will occur. The notice serves to enable the owner to assemble
needed documentation for low-income certifications for review and to notify
tenants of the possibility of physical inspection of their units.
(3) Meaning of reasonable notice. For purposes of
paragraph (c)(2)(iii)(C)(2) of this section, reasonable notice is generally no more
than 15 days. The notice period begins on the date the Agency informs the
owner that an on-site inspection of a project and low-income units or low-income
certification review will occur. Notice of more than 15 days, however, may be
reasonable in extraordinary circumstances that are beyond an Agency’s control
and that prevent an Agency from carrying out within 15 days an on-site
inspection or low-income certification review. Extraordinary circumstances
include, but are not limited to, natural disasters and severe weather conditions.
In the event of extraordinary circumstances that result in a reasonable-notice
period longer than 15 days, an Agency must select the relevant units and
conduct the same-day on-site inspection or low-income certification review as
soon as practicable.
(4) Alternative means of conducting on-site inspections – Use of the
REAC protocol. An Agency may satisfy the requirements of paragraphs (c)(2)(ii)
and (iii) of this section if the inspection is performed under the Department of
Housing and Urban Development (HUD) Real Estate Assessment Center
(REAC) protocol and the inspection satisfies the following requirements:

(i) Both vacant and occupied low-income units in a low-income housing
project are included in the population of units from which units are selected for
inspection;
(ii) The inspection complies with the procedural and substantive
requirements of the REAC protocol, including the requirements of the most
recent REAC Uniform Physical Condition Standards (UPCS) inspection software,
or software accepted by HUD;
(iii) The inspection is performed by HUD or HUD-Certified REAC
inspectors;
(iv) The inspection results are sent to HUD, the results are reviewed and
scored within HUD’s secure system without any involvement of the inspector who
conducted the inspection, and HUD makes its inspection report available.
(5) HUD Inspections that comply with the requirements of the REAC
Protocol. If, consistent with the requirements of paragraph (c)(2)(iii)(4) of this
section, an Agency conducts on-site inspections under the REAC protocol,
then—
(i) Paragraph (c)(2)(iii)(A) of this section is applied as if it did not contain
the word “all”;
(ii) The number of low-income units required to be inspected under the
REAC protocol satisfies the requirements of paragraph (c)(2)(iii)(B) of this section
concerning the number of low-income units an Agency must inspect; and

(iii) The manner in which the low-income units are selected for inspection
under the REAC protocol satisfies the requirements of paragraph (c)(2)(iii)(C) of
this section.
(6) Income Certification Requirements for HUD Inspections that comply
with the requirements of the REAC Protocol. An agency that conducts on-site
inspections under the REAC protocol is not excused from reviewing low-income
certifications in accordance with paragraphs (c)(2)(ii) and (iii) of this section.
(7) Applicability of reasonable notice limitation when the same units are
chosen for inspection and file review. If the Agency chooses to select the same
units for on-site inspections and low-income certification review, the Agency must
complete both the inspections and review before the end of the day on which the
units are selected. See paragraph (c)(2)(iii)(C)(1) and (2) of this section.
(D) Method of low-income certification review. The Agency may review
the low-income certifications wherever the owner maintains or stores the records
(either on-site or off-site).
(3) Frequency and form of certification. A monitoring procedure must
require that the certifications and reviews of §1.42-5(c)(1) and (c)(2)(i) be made
at least annually covering each year of the 15-year compliance period under
section 42(i)(1). The certifications must be made under penalties of perjury. A
monitoring procedure may require certifications and reviews more frequently than
every 12 months, provided that all months within each 12-month period are
subject to certification.
*****

(h) * * *
(2) Applicability dates. The requirements in paragraphs (c)(2)(ii) and (iii)
and (c)(3) of this section apply beginning on [INSERT DATE OF PUBLICATION
IN THE FEDERAL REGISTER]. A state housing credit agency is allowed a
reasonable period of time to amend its qualified allocation plan, but must amend
its qualified allocation plan no later than December 31, 2020.
* * * * *
§1.42-5T [Removed]
Par. 4. Section 1.42-5T is removed.

Kirsten Wielobob,
Deputy Commissioner for Services and Enforcement.

Approved: February 13, 2019.
David J. Kautter,
Assistant Secretary of the Treasury (Tax Policy).

[FR Doc. 2019-03388 Filed: 2/22/2019 4:15 pm; Publication Date: 2/26/2019]