IRS Releases 2026 Per Capita Multipliers for PAB, LIHTC

The IRS released new 2026 per capita multipliers for private activity bonds and LIHTCs.

• The State ceiling for the volume cap for private activity bonds is the greater of (1) $135 multiplied by the State population, or (2) $397,625,000. (page 20)
  • The PAB per capita figure is an increase of $5 over 2025 and the small-state minimum is $8.8 million higher than the 2025 amount.
• The LIHTC per capita multiplier will increase five cents to a record $3.05 for 2026 and the LIHTC small state minimum amount will be $3,530,000. (page 15)
  • Unfortunately, the IRS did not apply the 12 percent allocation increase enacted in the One Big Beautiful Bill Act and only factored in adjustments for inflation.

What’s Next:

• The announcement will be officially published in the Internal Revenue Bulletin 2025-44, scheduled for release Oct. 27. We expect there to be a correction to fix the LIHTC increase error.
• The Census Bureau typically releases the population estimates in December.