The Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which sets state ceilings for nine percent LIHTCs and private activity bonds (PAB). The LIHTC cap is the greater of $2.8125 multiplied by the state population or $3,217,500. The per-capita number is an increase of two percent over 2019 and the state minimum is an increase of $50,625. The PAB cap is the greater of $105 multiplied by the state population or $321,775,000–the same per-capita figure as 2019 and slightly more than a $5 million boost for the state minimum.