IRS Publishes Final Housing Credit Utility Allowance Submetering Rule
The Internal Revenue Service (IRS) published final regulations amending the Housing Credit utility allowance rules to make permanent the previously existing submetering rules, which had been in place on a temporary basis since March of 2016. The regulations provide guidance related to situations when a building owner sells energy to tenants produced by a renewable source that the owner had not purchased through a local utility company (for example, energy derived from rooftop solar panels). The final regulations are effective immediately.