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IRS RELEASES UPDATED POPULATION FIGURES FOR LIHTC, BOND CAP CALCULATIONS

Monday, March 12, 2007 - 7:45AM

In Notice 2007-23, the Internal Revenue Service (IRS) today released new population figures for calculating the 2007 population-based component of states’ low-income housing tax credit (LIHTC) ceilings, 2007 volume caps and the 2007 volume limit. Under Revenue Procedure 2006-53, each state’s LIHTC ceiling in 2007is the greater of $1.95 multiplied by the state population or $2,275,000. Each state’s 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 for a copy of Notice 2007-23.

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