IRS Issues State Population Estimates for LIHTC Allocations
Recently, the IRS issued Notice 2013-15, advising state and local housing credit agencies that allocate low-income housing tax credits of the population figures to use in calculating tax credit ceilings and tax-exempt private activity bond caps. This year, each state's low-income housing tax credit ceiling is equal to the greater of $2.25 multiplied by the state population or $2,590,000. And a state's tax-exempt bond volume cap will be the greater of $95 multiplied by the state population or $291,875,000.
Overall, based on the IRS's figures, the country's population has increased by about 0.72 percent since last year. By total number of residents, Texas, California, Florida, and Georgia had the largest increases in estimated population.
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