The Internal Revenue Service (IRS) released the 2015 Calendar Year Resident Population Figures (Notice 2015-12). The notice provides population figures to calculate the credit ceiling for low-income housing tax credits (LIHTC)and volume caps for tax-exempt private activity bonds.
Generally, these figures are based on the most recent U.S. Census estimate of a state’s resident population. The population-based component of the LIHTC credit ceiling and the tax-exempt bond volume cap are adjusted for inflation. The adjustments for the 2015 calendar year require that the amount for calculating the credit ceiling is the greater of $2.30 multiplied by the state population, or $2,680,000. The amount for calculating the Volume Cap is the greater of $100 multiplied by the State population, or $301,515,000.
