On November 9, IRS issued Revenue Procedure 2009-50 in Internal Revenue Bulletin 2009-45, which provides inflation-related adjustments for many tax-related items, including the states’ Low Income Housing Tax Credit (Housing Credit) authority and Private Activity Bond volume cap.  Under the notice, each state’s 2010 private activity bond cap will be the greater of $90 per capita and $273,775,000, a slight increase in the 2009 small state minimum of $273,270,000 and no change in the 2009 per capita amount of $90.

Each state’s 2010 Housing Credit authority will be the greater of $2.10  per capita and $2,430,000, down from $2.30 per capita and $2,665,000 in 2009.  The Housing Credit amounts do not include the temporary  10 percent increase in the states’ 2008 and 2009 Housing Credit authority enacted in the Housing and Economic Recovery Act (HERA) of 2008.  NCSHA is asking Congress to maintain the HERA-enacted increases in 2010 and the future.