IRS ANNOUNCES INFLATION ADJUSTED LIHTC, BOND CAPS FOR 2008

Friday, October 19, 2007 - 7:15am

The Internal Revenue Service (IRS) yesterday announced in Revenue Procedure 2007-66 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2008. For calendar year 2008, the amount used under § 42(h)(3)(C)(ii) to calculate the state LIHTC is the greater of $2 multiplied by the state population or $2,325,000. The amount used under §146(d)(1) to calculate the state ceiling for the volume cap for private activity bonds in 2008 is the greater of $85 multiplied by the state population or $262,095,000.