IRS ANNOUNCES INFLATION ADJUSTED LIHTC, BOND CAPS FOR 2009

Monday, October 20, 2008 - 7:00am

The Internal Revenue Service (IRS) last week announced in Revenue Procedure 2008-66 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2009. For calendar year 2009, the amount used under § 42(h)(3)(C)(ii) to calculate the state LIHTC is the greater of $2.30 multiplied by the state population or $2,665,000. 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 $90 multiplied by the state population or $273,270,000.