IRS Revenue Rule 70-604 Measure Results
The IRS Revenue Rule 70-604 Measure included on this year’s ballot would allow the Canyon Lake POA to utilize this IRS ruling to avoid taxation on excess member income. IRS Revenue Ruling 70-604 allows a homeowner association to either refund or roll over excess member income that may inadvertently arise in a given tax year without paying additional taxes on that excess income. This measure specifically informed members that any excess assessment income over the Canyon Lake POA’s expenses as defined in the Internal Revenue Code (IRC) section 277, for the fiscal year 2020/21 shall be applied against the Canyon Lake POA’s member assessment in the fiscal year 2021/22, as provided by the IRS Revenue Ruling 70-604.
Results: 1,103 in favor and 114 against. The majority were in favor of this measure.