IRS Releases 2014 Population Estimates
The IRS recently released its 2014 Calendar Year Resident Population Estimates in IRS Notice 2014-12. This notice advises 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 $2.30 multiplied by the state population or $2,635,000. Further, section 3.19 of Revenue Procedure 2013–35 provides that the amount for calculating the volume cap for calendar year 2014 is the greater of $100 multiplied by the state population, or $296,825,000.
The top five states in terms of allocation authority for 2014 are: California, with $88.1 million; Texas, with $60.8 million; New York, with $45.2 million; Florida, with $45 million; and Illinois, with $29.6 million.