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IRS ANNOUNCES INFLATION ADJUSTED LIHTC AND BOND CAPS FOR 2007

Thursday, November 9, 2006 - 7:45AM

The Internal Revenue Service (IRS) today announced in Revenue Procedure 2006-53 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2007. For calendar year 2007, the amounts used under § 42(h)(3)(C)(ii) to calculate the state LIHTC is the greater of $1.95 multiplied by the state population or $2,275,000. The amount used under §146(d)(1) to calculate the state ceiling for the volume cap for private activity bonds in 2007 is the greater of $85 multiplied by the state population or $256,235,000. Click here to view Rev. Proc. 2006-53.

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