New Exemption for Some Nonprofit Housing

The Department of Treasury is now able to grant an exemption to nonprofits that provide housing for the elderly or disabled for 2012. Additionally, the exemption is available for the three preceding years, assuming the property would have met the requirements for the exemption, had the taxpayer filed by the deadline in 2010.

If you are eligible to take advantage of this exemption, and it results in overpayment of taxes, you will receive a rebate including any interest paid within 30 days of the date the exemption is granted.

If you have any questions or would like further information on this matter, please contact your H&S tax professional at 1.800.924.6891.