IRS Announces Tax Credit Ceilings

On March 26, 2012, the Internal Revenue Service (IRS) released its 2012 Calendar Year Resident Population Estimates. These figures are used to determine states' 2012 low-income housing tax credit (LIHTC) ceilings and tax-exempt private activity bond caps. Each state's LIHTC ceiling in 2012 is equal to the greater of $2.20 multiplied by the state population or $2,525,000; a state's tax-exempt bond volume cap will be the greater of $95 multiplied by the state population or $284,560,000. Notice 2012-22 includes the population estimates for each state, territory and insular area.