IRS Releases Amount of Unused Housing Credit Allocation, Inflation Adjustments

IRS Releases Amount of Unused Housing Credit Allocation, Inflation Adjustments



The IRS recently released Revenue Procedure 2015-53, which outlines the inflation adjustments for nearly 50 federal tax provisions, including the amount of Low Income Housing Tax Credit (Housing Credit) authority each state will receive. Under the new guidelines, each state will be allocated $2.35 in Housing Credit authority multiplied by its population, or $2.69 million, whichever is greater. This is a slight increase from 2015, when states received $2.30 for every resident, and the minimum was $2.635 million.

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