IRS Rev. Proc. 2017-58, 2018 Housing Credit and Bond Volume Cap Notice (Updated by Rev. Proc. 2018-18)
In December 2017, IRS published Revenue Procedure 2017-58, which sets out 2018 inflation adjustments for various tax provisions, including the Low Income Housing Tax Credit (Housing Credit) volume cap and the private-activity tax-exempt bond volume cap. In 2018, each state’s Housing Credit authority will be $2.40 per capita or $2,765,000 for the small state minimum. This is an increase over 2017, during which each state received $2.35 per capita or the small state minimum of $2,710,000.