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CRS-2 1 Qualified basis is determined by calculating the total development costs of the project and then subtracting non-depreciable costs, such as la nd, permanent financing costs, rent reserves, and marketing costs. 2 U.S. Department of the Treasury, Internal Revenue Service, Revenue Ruling 2006-7, Table 4, Appropriate Percentages Under Section 42(b)(2) for February 2006, Internal Revenue Bulletin 2006-6, February 6, 2006; Revenue Ruling 2008-28, Table 4, A ppropriate Percentages Under Section 42(b)(2) for June 2008, Internal Revenue Bulletin 2008-22, June 2, 2008. Overview The LIHTC was created by the Tax Reform Act of 1986 (P.L.