IRS Updates Population Estimates for LIHTC Allocations
Recently, the Internal Revenue Service (IRS) released its 2012 Calendar Year Resident Population Estimates in IRS Notice 2012-22. 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 $2.20 multiplied by the state population or $2,525,000.
A state's tax-exempt bond volume cap will be the greater of $95 multiplied by the state population or $284,560,000. Overall, based on the IRS's figures, the country's population has increased by about 0.89 percent since last year.
By total number of residents, Texas, California, Florida, Georgia, and North Carolina had the largest increases in estimated population. And Guam, Puerto Rico, American Samoa, Michigan, and the U.S. Virgin Islands had the largest decreases.
Also, the largest population gains, by percentage, were:
· The Northern Mariana Islands, with a 10.33 percent gain;
· The District of Columbia, with a gain of 2.63 percent;
· Texas, which gained 2.06 percent;
· Utah, with a gain of 1.89 percent; and
· Alaska, with a 1.73 percent gain.