GAO to investigate low-income housing credit.In July 1995, Congressman Bill Archer, House Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Committee chairman, asked the General Accounting Office to investigate the low-income housing credit. An Internal Revenue Service internal audit report had predicted a potential revenue loss of $6 billion, along with rampant overvaluation--for tax purposes--of housing funded by the credit. Archer also wants hearings to, be held this spring on the credit's effectiveness. In November 1995, IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. commissioner Margaret Milner Richardson sent a letter to Congress saying the estimates in the internal audit report were not reliable, but Archer did not withdraw the investigation request. Archer supports a repeal The Annulment or abrogation of a previously existing statute by the enactment of a later law that revokes the former law. The revocation of the law can either be done through an express repeal of the low-income housing credit. A provision "sunsetting" the credit was contained in a budget package vetoed by President Bill Clinton late last year. The GAO investigation will focus on federal and state oversight
Oversight may refer to:
* IPS (1) (Inches Per Second) The measurement of the speed of tape passing by a read/write head or paper passing through a pen plotter. (2) (IPS) (Intrusion Prevention S administration of the credit, including compliance monitoring. * State monitoring of projects funded by the credit. |
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