(a) Effective dates--(1) In general. Except as provided in paragraphs (a)(2) and (a)(3) of this section, the rules set forth in Sec. Sec. 1.42-6 and 1.42-8 through 1.42-12 are applicable on May 2, 1994. However, binding agreements, election statements, and carryover allocation documents entered into before May 2, 1994, that follow the guidance set forth in Notice 89-1, 1989-1 C.B. 620 (see Sec. 601.601(d)(2)(ii)(b) of this chapter) need not be changed to conform to the rules set forth in Sec. Sec. 1.42-6 and 1.42-8 through 1.42-12.
(1) In general. Except as provided in paragraphs (a)(2) and (a)(3) of this section, the rules set forth in Sec. Sec. 1.42-6 and 1.42-8 through 1.42-12 are applicable on May 2, 1994. However, binding agreements, election statements, and carryover allocation documents entered into before May 2, 1994, that follow the guidance set forth in Notice 89-1, 1989-1 C.B. 620 (see Sec. 601.601(d)(2)(ii)(b) of this chapter) need not be changed to conform to the rules set forth in Sec. Sec. 1.42-6 and 1.42-8 through 1.42-12.
(2) Community Renewal Tax Relief Act of 2000--(i) In general. Section 1.42-6 (a), (b)(4)(iii) Example 1 and Example 2, (c), (d)(2)(viii), and (e)(2) are applicable for housing credit dollar amounts allocated after January 6, 2004. However, the rules in Sec. 1.42-6 (a), (b)(4)(iii) Example 1 and Example 2, (c), (d)(2)(viii), and (e)(2) may be applied by Agencies and taxpayers for housing credit dollar amounts allocated after December 31, 2000, and on or before January 6, 2004. Otherwise, subject to the applicable effective dates of the corresponding statutory provisions, the rules that apply for housing credit dollar amounts allocated on or before January 6, 2004, are contained in Sec. 1.42-6 in effect on and before January 6, 2004 (see 26 CFR part 1 revised as of April 1, 2003).
(3) Electronic filing simplification changes. Sections 1.42-6(d)(4) and 1.42-8(a)(6)(i), (a)(6)(ii), (a)(7) Example 1 and Example 2, (b)(4)(i), and (b)(4)(ii) are applicable for forms filed after January 6, 2004. The rules that apply for forms filed on or before January 6, 2004, are contained in Sec. 1.42-6 and Sec. 1.42-8 in effect on and before January 6, 2004 (see 26 CFR part 1 revised as of April 1, 2003).
(4) Utility allowances. The first sentence in Sec. 1.42-10(a), Sec. 1.42-10(b)(1), (2), (3), and (4), the last two sentences in Sec. 1.42-10(b)(4)(ii)(A), the third, fourth, and fifth sentences in Sec. 1.42-10(b)(4)(ii)(B), Sec. 1.42-10(b)(4)(ii)(C), (D), and (E), and Sec. 1.42-10(c) and (d) are applicable to a building owner's taxable years beginning on or after July 29, 2008. Taxpayers may rely on these provisions before the beginning of the building owner's taxable year beginning on or after July 29, 2008 provided that any utility allowances calculated under these provisions are effective no earlier than the first day of the building owner's taxable year beginning on or after July 29, 2008. The utility allowances provisions that apply to taxable years beginning before July 29, 2008 are contained in Sec. 1.42-10 (see 26 CFR part 1 revised as of April 1, 2008).
(b) Prior periods. Notice 89-1, 1989-1 C.B. 620 and Notice 89-6, 1989-1 C.B. 625 (see Sec. 601.601(d)(2)(ii)(b) of this chapter) may be applied for periods prior to May 2, 1994.
(c) Carryover allocations. The rule set forth in Sec. 1.42-6(d)(4)(ii) relating to the requirement that state and local housing agencies file Schedule A (Form 8610), ``Carryover Allocation of the Low-Income Housing Credit,'' is applicable for carryover allocations made after December 31, 1999. [T.D. 8520, 59 FR 10074, Mar. 3, 1994; 59 FR 15501, Apr. 1, 1994, as amended by T.D. 8859, 65 FR 2328, Jan. 14, 2000; T.D. 9110, 69 FR 504, Jan. 6, 2004; T.D. 9420, 73 FR 43868, July 29, 2008]