IRS Releases 2015 Population Estimates
The IRS recently released its 2015 Calendar Year Resident Population Figures in IRS Notice 2015-12. 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 $2,680,000. Further, Section 3.20 of Revenue Procedure 2014–61 provides that the amount for calculating the volume cap for calendar year 2015 is the greater of $100 multiplied by the state population, or $301,515,000.
The top five states in terms of resident population figures for 2015 are: California, with 38,802,500 residents; Texas, with 26,956,958 residents; Florida, with 19,893,297 residents; New York, with 19,746,227 residents; and Illinois, with 12,880,580 residents.