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In general

For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to—

(1)

(1)#

the applicable percentage of

(2)#

the qualified basis of each qualified low-income building.

in view

Whole section

▸rulespec code

Shown source

statutes/26/42.yaml

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Rules

new_non_federally_subsidized_building_minimum_applicable_percentage

Parameter

source: 26 USC 42(b)

- name: new_non_federally_subsidized_building_minimum_applicable_percentage
  kind: parameter
  dtype: Rate
  source: 26 USC 42(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the applicable percentage shall not be less than 9 percent
  versions:
    - effective_from: '2024-01-01'
      formula: '0.09'

other_building_minimum_applicable_percentage

Parameter

source: 26 USC 42(b)

- name: other_building_minimum_applicable_percentage
  kind: parameter
  dtype: Rate
  source: 26 USC 42(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the applicable percentage shall not be less than 4 percent
  versions:
    - effective_from: '2024-01-01'
      formula: '0.04'

supportive_services_qualified_basis_increase_cap_rate

Parameter

source: 26 USC 42(c)

- name: supportive_services_qualified_basis_increase_cap_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: 20 percent of the qualified basis of such building
  versions:
    - effective_from: '2024-01-01'
      formula: '0.20'

supportive_services_qualified_basis_increase

Derived

source: 26 USC 42(c)

- name: supportive_services_qualified_basis_increase
  kind: derived
  entity: Building
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 42(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: shall be increased by the lesser of
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#supportive_services_qualified_basis_increase_cap_rate
            output: supportive_services_qualified_basis_increase_cap_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        if qualified_low_income_building_described_in_subsection_i_3_B_iii:
        min(eligible_basis_used_throughout_year_to_provide_supportive_services,
        supportive_services_qualified_basis_increase_cap_rate *
        qualified_basis_determined_without_supportive_services_increase) else: 0

high_cost_area_eligible_basis_multiplier

Parameter

source: 26 USC 42(d)

- name: high_cost_area_eligible_basis_multiplier
  kind: parameter
  dtype: Decimal
  source: 26 USC 42(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the eligible basis of such building shall be 130 percent
  versions:
    - effective_from: '2024-01-01'
      formula: '1.30'

high_cost_area_new_building_eligible_basis

Derived

source: 26 USC 42(d)

- name: high_cost_area_new_building_eligible_basis
  kind: derived
  entity: Building
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 42(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              In the case of any building located in a qualified census tract or difficult
              development area
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#high_cost_area_eligible_basis_multiplier
            output: high_cost_area_eligible_basis_multiplier
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        if new_building_located_in_designated_qualified_census_tract_or_difficult_development_area:
        high_cost_area_eligible_basis_multiplier *
        eligible_basis_determined_without_high_cost_area_increase else:
        eligible_basis_determined_without_high_cost_area_increase

rehabilitation_minimum_adjusted_basis_rate

Parameter

source: 26 USC 42(e)

- name: rehabilitation_minimum_adjusted_basis_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: not less than 20 percent of the adjusted basis
  versions:
    - effective_from: '2024-01-01'
      formula: '0.20'

rehabilitation_expenditures_meet_adjusted_basis_minimum

Derived

source: 26 USC 42(e)

- name: rehabilitation_expenditures_meet_adjusted_basis_minimum
  kind: derived
  entity: Building
  dtype: Judgment
  period: Year
  source: 26 USC 42(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the requirement of this subclause is met if such amount is not less than 20 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#rehabilitation_minimum_adjusted_basis_rate
            output: rehabilitation_minimum_adjusted_basis_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        rehabilitation_expenditures_during_eligible_period >=
        rehabilitation_minimum_adjusted_basis_rate *
        adjusted_basis_at_start_of_rehabilitation_period

first_year_credit_period_months_denominator

Parameter

source: 26 USC 42(f)

- name: first_year_credit_period_months_denominator
  kind: parameter
  dtype: Count
  source: 26 USC 42(f)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the denominator of which is 12
  versions:
    - effective_from: '2024-01-01'
      formula: '12'

first_year_applicable_fraction

Derived

source: 26 USC 42(f)

- name: first_year_applicable_fraction
  kind: derived
  entity: Building
  dtype: Rate
  period: Year
  source: 26 USC 42(f)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              the numerator of which is the sum of the applicable fractions determined ... as of the
              close of each full month
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#first_year_credit_period_months_denominator
            output: first_year_credit_period_months_denominator
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        sum_of_month_end_applicable_fractions_for_full_in_service_months /
        first_year_credit_period_months_denominator

twenty_fifty_test_minimum_unit_rate

Parameter

source: 26 USC 42(g)

- name: twenty_fifty_test_minimum_unit_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: 20 percent or more of the residential units
  versions:
    - effective_from: '2024-01-01'
      formula: '0.20'

twenty_fifty_test_income_limit_rate

Parameter

source: 26 USC 42(g)

- name: twenty_fifty_test_income_limit_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: 50 percent or less of area median gross income
  versions:
    - effective_from: '2024-01-01'
      formula: '0.50'

project_meets_twenty_fifty_test

Derived

source: 26 USC 42(g)

- name: project_meets_twenty_fifty_test
  kind: derived
  entity: Project
  dtype: Judgment
  period: Year
  source: 26 USC 42(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              20 percent or more of the residential units in such project are both rent-restricted
              and occupied
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#twenty_fifty_test_minimum_unit_rate
            output: twenty_fifty_test_minimum_unit_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        rent_restricted_units_occupied_by_individuals_at_or_below_fifty_percent_area_median_income
        >= twenty_fifty_test_minimum_unit_rate * residential_units_in_project

nonprofit_set_aside_maximum_other_project_rate

Parameter

source: 26 USC 42(h)

- name: nonprofit_set_aside_maximum_other_project_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(h)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: Not more than 90 percent of the State housing credit ceiling
  versions:
    - effective_from: '2024-01-01'
      formula: '0.90'

maximum_state_ceiling_allocable_to_projects_other_than_qualified_nonprofit_projects

Derived

source: 26 USC 42(h)

- name: maximum_state_ceiling_allocable_to_projects_other_than_qualified_nonprofit_projects
  kind: derived
  entity: HousingCreditAgency
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 42(h)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: Not more than 90 percent of the State housing credit ceiling
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#nonprofit_set_aside_maximum_other_project_rate
            output: nonprofit_set_aside_maximum_other_project_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: nonprofit_set_aside_maximum_other_project_rate * state_housing_credit_ceiling

qualified_nonprofit_financing_eligible_basis_attribution_limit_rate

Parameter

source: 26 USC 42(k)

- name: qualified_nonprofit_financing_eligible_basis_attribution_limit_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(k)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: not more than 60 percent of the eligible basis
  versions:
    - effective_from: '2024-01-01'
      formula: '0.60'

qualified_nonprofit_financing_attribution_requirement_met

Derived

source: 26 USC 42(k)

- name: qualified_nonprofit_financing_attribution_requirement_met
  kind: derived
  entity: Building
  dtype: Judgment
  period: Year
  source: 26 USC 42(k)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              not more than 60 percent of the eligible basis of the qualified low-income building is
              attributable to such financing
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#qualified_nonprofit_financing_eligible_basis_attribution_limit_rate
            output: qualified_nonprofit_financing_eligible_basis_attribution_limit_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        eligible_basis_attributable_to_qualified_nonprofit_financing <=
        qualified_nonprofit_financing_eligible_basis_attribution_limit_rate *
        eligible_basis_of_qualified_low_income_building

▸citations (1)

References

This rule cites 1 other rule.

26 USC § 38inferredUS Federal › Statutes › Title 26 › § 38

loading…

us/statute/26/42/a — In general · Axiom

In general

Official source

For purposes of section 38, the amount of the low-income housing credit determined under this section for any taxable year in the credit period shall be an amount equal to—

(1)

(1)#

the applicable percentage of

(2)#

the qualified basis of each qualified low-income building.

in view

Whole section

▸rulespec code

Shown source

statutes/26/42.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/26/42; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

new_non_federally_subsidized_building_minimum_applicable_percentage

Parameter

source: 26 USC 42(b)

- name: new_non_federally_subsidized_building_minimum_applicable_percentage
  kind: parameter
  dtype: Rate
  source: 26 USC 42(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the applicable percentage shall not be less than 9 percent
  versions:
    - effective_from: '2024-01-01'
      formula: '0.09'

other_building_minimum_applicable_percentage

Parameter

source: 26 USC 42(b)

- name: other_building_minimum_applicable_percentage
  kind: parameter
  dtype: Rate
  source: 26 USC 42(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the applicable percentage shall not be less than 4 percent
  versions:
    - effective_from: '2024-01-01'
      formula: '0.04'

supportive_services_qualified_basis_increase_cap_rate

Parameter

source: 26 USC 42(c)

- name: supportive_services_qualified_basis_increase_cap_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: 20 percent of the qualified basis of such building
  versions:
    - effective_from: '2024-01-01'
      formula: '0.20'

supportive_services_qualified_basis_increase

Derived

source: 26 USC 42(c)

- name: supportive_services_qualified_basis_increase
  kind: derived
  entity: Building
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 42(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: shall be increased by the lesser of
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#supportive_services_qualified_basis_increase_cap_rate
            output: supportive_services_qualified_basis_increase_cap_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        if qualified_low_income_building_described_in_subsection_i_3_B_iii:
        min(eligible_basis_used_throughout_year_to_provide_supportive_services,
        supportive_services_qualified_basis_increase_cap_rate *
        qualified_basis_determined_without_supportive_services_increase) else: 0

high_cost_area_eligible_basis_multiplier

Parameter

source: 26 USC 42(d)

- name: high_cost_area_eligible_basis_multiplier
  kind: parameter
  dtype: Decimal
  source: 26 USC 42(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the eligible basis of such building shall be 130 percent
  versions:
    - effective_from: '2024-01-01'
      formula: '1.30'

high_cost_area_new_building_eligible_basis

Derived

source: 26 USC 42(d)

- name: high_cost_area_new_building_eligible_basis
  kind: derived
  entity: Building
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 42(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              In the case of any building located in a qualified census tract or difficult
              development area
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#high_cost_area_eligible_basis_multiplier
            output: high_cost_area_eligible_basis_multiplier
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        if new_building_located_in_designated_qualified_census_tract_or_difficult_development_area:
        high_cost_area_eligible_basis_multiplier *
        eligible_basis_determined_without_high_cost_area_increase else:
        eligible_basis_determined_without_high_cost_area_increase

rehabilitation_minimum_adjusted_basis_rate

Parameter

source: 26 USC 42(e)

- name: rehabilitation_minimum_adjusted_basis_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: not less than 20 percent of the adjusted basis
  versions:
    - effective_from: '2024-01-01'
      formula: '0.20'

rehabilitation_expenditures_meet_adjusted_basis_minimum

Derived

source: 26 USC 42(e)

- name: rehabilitation_expenditures_meet_adjusted_basis_minimum
  kind: derived
  entity: Building
  dtype: Judgment
  period: Year
  source: 26 USC 42(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the requirement of this subclause is met if such amount is not less than 20 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#rehabilitation_minimum_adjusted_basis_rate
            output: rehabilitation_minimum_adjusted_basis_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        rehabilitation_expenditures_during_eligible_period >=
        rehabilitation_minimum_adjusted_basis_rate *
        adjusted_basis_at_start_of_rehabilitation_period

first_year_credit_period_months_denominator

Parameter

source: 26 USC 42(f)

- name: first_year_credit_period_months_denominator
  kind: parameter
  dtype: Count
  source: 26 USC 42(f)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: the denominator of which is 12
  versions:
    - effective_from: '2024-01-01'
      formula: '12'

first_year_applicable_fraction

Derived

source: 26 USC 42(f)

- name: first_year_applicable_fraction
  kind: derived
  entity: Building
  dtype: Rate
  period: Year
  source: 26 USC 42(f)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              the numerator of which is the sum of the applicable fractions determined ... as of the
              close of each full month
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#first_year_credit_period_months_denominator
            output: first_year_credit_period_months_denominator
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        sum_of_month_end_applicable_fractions_for_full_in_service_months /
        first_year_credit_period_months_denominator

twenty_fifty_test_minimum_unit_rate

Parameter

source: 26 USC 42(g)

- name: twenty_fifty_test_minimum_unit_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: 20 percent or more of the residential units
  versions:
    - effective_from: '2024-01-01'
      formula: '0.20'

twenty_fifty_test_income_limit_rate

Parameter

source: 26 USC 42(g)

- name: twenty_fifty_test_income_limit_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: 50 percent or less of area median gross income
  versions:
    - effective_from: '2024-01-01'
      formula: '0.50'

project_meets_twenty_fifty_test

Derived

source: 26 USC 42(g)

- name: project_meets_twenty_fifty_test
  kind: derived
  entity: Project
  dtype: Judgment
  period: Year
  source: 26 USC 42(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              20 percent or more of the residential units in such project are both rent-restricted
              and occupied
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#twenty_fifty_test_minimum_unit_rate
            output: twenty_fifty_test_minimum_unit_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        rent_restricted_units_occupied_by_individuals_at_or_below_fifty_percent_area_median_income
        >= twenty_fifty_test_minimum_unit_rate * residential_units_in_project

nonprofit_set_aside_maximum_other_project_rate

Parameter

source: 26 USC 42(h)

- name: nonprofit_set_aside_maximum_other_project_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(h)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: Not more than 90 percent of the State housing credit ceiling
  versions:
    - effective_from: '2024-01-01'
      formula: '0.90'

maximum_state_ceiling_allocable_to_projects_other_than_qualified_nonprofit_projects

Derived

source: 26 USC 42(h)

- name: maximum_state_ceiling_allocable_to_projects_other_than_qualified_nonprofit_projects
  kind: derived
  entity: HousingCreditAgency
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 42(h)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: Not more than 90 percent of the State housing credit ceiling
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#nonprofit_set_aside_maximum_other_project_rate
            output: nonprofit_set_aside_maximum_other_project_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: nonprofit_set_aside_maximum_other_project_rate * state_housing_credit_ceiling

qualified_nonprofit_financing_eligible_basis_attribution_limit_rate

Parameter

source: 26 USC 42(k)

- name: qualified_nonprofit_financing_eligible_basis_attribution_limit_rate
  kind: parameter
  dtype: Rate
  source: 26 USC 42(k)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: not more than 60 percent of the eligible basis
  versions:
    - effective_from: '2024-01-01'
      formula: '0.60'

qualified_nonprofit_financing_attribution_requirement_met

Derived

source: 26 USC 42(k)

- name: qualified_nonprofit_financing_attribution_requirement_met
  kind: derived
  entity: Building
  dtype: Judgment
  period: Year
  source: 26 USC 42(k)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/42
            excerpt: >-
              not more than 60 percent of the eligible basis of the qualified low-income building is
              attributable to such financing
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/42#qualified_nonprofit_financing_eligible_basis_attribution_limit_rate
            output: qualified_nonprofit_financing_eligible_basis_attribution_limit_rate
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        eligible_basis_attributable_to_qualified_nonprofit_financing <=
        qualified_nonprofit_financing_eligible_basis_attribution_limit_rate *
        eligible_basis_of_qualified_low_income_building

▸citations (1)

References

This rule cites 1 other rule.

26 USC § 38inferredUS Federal › Statutes › Title 26 › § 38