IRS RELEASES POPULATION FIGURES FOR LIHTC, BOND CALCULATIONS

Wednesday, February 27, 2008 - 7:00am

In Notice 2008-22, the Internal Revenue Service (IRS) this week released new population figures for calculating the 2008 population-based component of states' low-income housing tax credit (LIHTC) ceilings, 2008 volume caps and the 2008 volume limit. Under Revenue Procedure 2007-66, each state's LIHTC ceiling in 2008 is the greater of $2 multiplied by the state population or $2,325,000. Each state's 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.