This Wednesday, delegates approved a PS budget amendment proposal that exempts IRS and IRC for income earned by renting affordable student housing under municipal programs.
The measure, which was approved on another day of voting on the OE2023 specialty and amendments, was made possible by the PCP’s vote against and the favorable vote of the other parties.
At issue is the allocation to student housing asset income of a tax exemption already granted to those obtained under municipal programs that provide affordable rental housing.
For the purposes of this tax treatment, “municipal programs offering student housing, programs of municipal initiative that aim at renting and subleasing contracts aimed at displaced students and whose general rent limit per type” does not go beyond what is defined in the legal diplomas that frame affordable leasing.
It should be remembered that for IRS purposes exempt income is mandatory included for determining the rate to be applied to other income, when the landlord elects to include property income.
Source: DN
