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The Internal Revenue Service has announced an increase in the low-income housing tax credit (LIHTC) and private-activity bond volume caps for 2023. The amounts used to calculate the state credit ceiling for 9% LIHTCs will be the greater of $2.90 multiplied by the state population. Additionally, there is an increase in the small-state minimum for 9% LIHTCs to a record $3,360,000.

The bond volume cap will be the greater of $125 multiplied by the state population or $378,230,000 next year. That’s an increase from the $120 per capita amount and the $335,115,000 small state minimum this year.