# Average income test.
**AGENCY:**
Internal Revenue Service (IRS), Treasury.
**ACTION:**
Correcting amendments.
**SUMMARY:**
This document contains corrections to the final regulations (Treasury Decision 9967) published in the *Federal Register* on Wednesday, October 12, 2022. This correction includes final and temporary regulations setting forth guidance on the average income test for purposes of the low-income housing credit.
**DATES:**
These corrections are effective on *November 14, 2022* and applicable on or after October 12, 2022.
**FOR FURTHER INFORMATION CONTACT:**
Concerning the regulations, Dillon Taylor at (202) 317-4137.
**SUPPLEMENTARY INFORMATION:**
**Background**
The final regulations (TD 9967) subject to this correction are issued under section 42 of the Internal Revenue Code.
**List of Subjects in 26 CFR Part 1**
Income taxes, Reporting and recordkeeping requirements.
**Correction of Publication**
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
**PART 1—INCOME TAXES**
**26 CFR Part 1**
* Paragraph 1.* The authority citation for part 1 continues to read in part as follows:
**Authority:**
26 U.S.C. 7805 * * *
**26 CFR Part 1**
*Par. 2.* Section 1.42-19 is amended by revising the first sentence of paragraph (d)(1)(v) to read as follows:
§ 1.42-19
(d) * * *
(1) * * *
(v) * * * If one or more units lose low-income status or if there is a change in the imputed income limitation of some unit and if either event would cause a previously qualifying group of units to cease to be described in paragraph (b)(2)(ii) of this section, then the taxpayer may designate an imputed income limitation for a market-rate unit or may reduce the existing imputed income limitations of one or more other units in the project in order to restore compliance with the average income requirement. * * *
Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).