Rev. Proc. 2014-49 provides temporary relief from certain requirements under Section 42, relating to the low-income housing credit, for certain individuals who are displaced from their principal residence as a result of a presidentially-declared major disaster and owners of affected housing projects.
Rev. Proc. 2014-50 provides similar temporary relief in the event of a major disaster from certain requirements under Section 142, relating to tax-exempt facility bonds, for issuers of such bonds and operators of affected housing projects.
In the case of recent major disasters, similar relief under Sections 42 and 142 has been granted on a case-by-case basis.
Rev. Rul. 2014-24 modifies the list of group trust retiree benefit plans eligible to participate in Rev. Rul. 81-100 group trusts to include trusts of certain retirement plans qualified only under the Puerto Rico Code and clarifies that assets held by certain separate accounts maintained by insurance companies may be invested in 81-100 group trusts.