Treasury and the IRS have provided tax relief for certain taxpayers who are involved in new markets tax credit transactions and who have been affected by the COVID-19 pandemic.
The taxpayers receiving relief through this guidance are community development entities (CDEs) and qualified active low-income community businesses (QALICBs) that are investing and conducting businesses in low-income communities.
Notice 2020-49 provides a CDE or QALICB with relief for specified time-sensitive acts that are due between April 1and Dec. 31, 2020, in order to meet requirements under section 45D of the Internal Revenue Code and its regulations. A CDE or QALICB may perform these acts by Dec. 31, 2020. Learn more.