The IRS has recently issued Revenue Procedure 2018-18 which adjusts 2018 state caps for Low Income Housing Tax Credits as well and Private Activity Bonds in light of a new chained consumer-price index introduced by tax legislation passed in December. The adjustment leaves per-capita amounts unchanged for LIHTCs and PABs at $2.40 and $105, respectively. However, the small state minimums were reduced for both. The LIHTC small state minimum was reduced by $5,000 while the small state minimum for PABs was reduced by $665,000 (for totals of $2,760,000 for LIHTC and $310,710,000 for PABs).