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IRS Releases Population Estimates for 2017, Affecting LIHTC Ceiling and Private Activity Bond Caps

The IRS recently released Notice 2017-19, which gives states population figures used in determining LIHTC allocation amounts as well as private activity bond caps. Rev. Proc. 2016-55 specifies that for the year 2017, each state shall receive the greater of $2.35 multiplied by the state’s population or $2,710,000. Section 3.20 of the same Re. Proc. Outlines bond cap as the greater of $100 multiplied by the state’s population or $305,315,000. The chart below is taken from the IRS Notice.

State Population Estimated LIHTC Authority Estimated Tax-Exempt Private Activity Bond Cap
Alabama 4,863,300 $11,428,755.00 $486,330,000.00
Alaska 741,894 $2,710,000.00 $305,315,000.00
American Samoa 54,194 $2,710,000.00 $305,315,000.00
Arizona 6,931,071 $16,288,016.85 $693,107,100.00
Arkansas 2,988,248 $7,022,382.80 $305,315,000.00
California 39,250,017 $92,237,539.95 $3,925,001,700.00
Colorado 5,540,545 $13,020,280.75 $554,054,500.00
Connecticut 3,576,452 $8,404,662.20 $357,645,200.00
Delaware 952,065 $2,710,000.00 $305,315,000.00
District of Columbia 681,170 $2,710,000.00 $305,315,000.00
Florida 20,612,439 $48,439,231.65 $2,061,243,900.00
Georgia 10,310,371 $24,229,371.85 $1,031,037,100.00
Guam 162,742 $2,710,000.00 $305,315,000.00
Hawaii 1,428,557 $3,357,108.95 $305,315,000.00
Idaho 1,683,140 $3,955,379.00 $305,315,000.00
Illinois 12,801,539 $30,083,616.65 $1,280,153,900.00
Indiana 6,633,053 $15,587,674.55 $663,305,300.00
Iowa 3,134,693 $7,366,528.55 $313,469,300.00
Kansas 2,907,289 $6,832,129.15 $305,315,000.00
Kentucky 4,436,974 $10,426,888.90 $443,697,400.00
Louisiana 4,681,666 $11,001,915.10 $468,166,600.00
Maine 1,331,479 $3,128,975.65 $305,315,000.00
Maryland 6,016,447 $14,138,650.45 $601,644,700.00
Massachusetts 6,811,779 $16,007,680.65 $681,177,900.00
Michigan 9,928,300 $23,331,505.00 $992,830,000.00
Minnesota 5,519,952 $12,971,887.20 $551,995,200.00
Mississippi 2,988,726 $7,023,506.10 $305,315,000.00
Missouri 6,093,000 $14,318,550.00 $609,300,000.00
Montana 1,042,520 $2,710,000.00 $305,315,000.00
Nebraska 1,907,116 $4,481,722.60 $305,315,000.00
Nevada 2,940,058 $6,909,136.30 $305,315,000.00
New Hampshire 1,334,795 $3,136,768.25 $305,315,000.00
New Jersey 8,944,469 $21,019,502.15 $894,446,900.00
New Mexico 2,081,015 $4,890,385.25 $305,315,000.00
New York 19,745,289 $46,401,429.15 $1,974,528,900.00
North Carolina 10,146,788 $23,844,951.80 $1,014,678,800.00
North Dakota 757,952 $2,710,000.00 $305,315,000.00
Northern Mariana Islands 53,467 $2,710,000.00 $305,315,000.00
Ohio 11,614,373 $27,293,776.55 $1,161,437,300.00
Oklahoma 3,923,561 $9,220,368.35 $392,356,100.00
Oregon 4,093,465 $9,619,642.75 $409,346,500.00
Pennsylvania 12,784,227 $30,042,933.45 $1,278,422,700.00
Puerto Rico 3,411,307 $8,016,571.45 $341,130,700.00
Rhode Island 1,056,426 $2,710,000.00 $305,315,000.00
South Carolina 4,961,119 $11,658,629.65 $496,111,900.00
South Dakota 865,454 $2,710,000.00 $305,315,000.00
Tennessee 6,651,194 $15,630,305.90 $665,119,400.00
Texas 27,862,596 $65,477,100.60 $2,786,259,600.00
Utah 3,051,217 $7,170,359.95 $305,315,000.00
Vermont 624,594 $2,710,000.00 $305,315,000.00
Virginia 8,411,808 $19,767,748.80 $841,180,800.00
Virgin Islands, U.S. 102,951 $2,710,000.00 $305,315,000.00
Washington 7,288,000 $17,126,800.00 $728,800,000.00
West Virginia 1,831,102 $4,303,089.70 $305,315,000.00
Wisconsin 5,778,708 $13,579,963.80 $577,870,800.00
Wyoming 585,501 $2,710,000.00 $305,315,000.00