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IRS Lists Unused Housing Credit Carryovers for 2017

OCT. 16, 2017

Rev. Proc. 2017-54; 2017-42 IRB 336

DATED OCT. 16, 2017
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Subject Areas/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2017-79654
  • Tax Analysts Electronic Citation
    2017 TNT 198-12
    2017 TPR 43-11
Citations: Rev. Proc. 2017-54; 2017-42 IRB 336

SECTION 1. PURPOSE

This revenue procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under § 42(h)(3)(D) of the Internal Revenue Code for calendar year 2017.

SECTION 2. BACKGROUND

Rev. Proc. 92-31, 1992-1 C.B. 775, provides guidance to state housing credit agencies of qualified states on the procedure for requesting an allocation of unused housing credit carryovers under § 42(h)(3)(D). Section 4.06 of Rev. Proc. 92-31 provides that the Internal Revenue Service will publish in the Internal Revenue Bulletin the amount of unused housing credit carryovers allocated to qualified states for a calendar year from a national pool of unused credit authority (the National Pool). This revenue procedure publishes these amounts for calendar year 2017.

SECTION 3. PROCEDURE

The unused housing credit carryover amount allocated from the National Pool by the Secretary to each qualified state for calendar year 2017 is as follows:

Qualified State

Amount Allocated

Alabama

52,860

California

426,613

Connecticut

38,873

Delaware

10,348

Florida

224,039

Idaho

18,294

Illinois

139,141

Kansas

31,600

Kentucky

48,226

Maryland

65,393

Massachusetts

74,038

Michigan

107,912

Minnesota

59,997

Montana

11,331

Nebraska

20,729

New Hampshire

14,508

New Jersey

97,218

New Mexico

22,619

New York

214,614

North Carolina

110,287

Ohio

126,238

Oklahoma

42,646

Oregon

44,492

Pennsylvania

138,953

South Dakota

9,407

Texas

302,842

Utah

33,164

Vermont

6,789

Virginia

91,429

Washington

79,214

West Virginia

19,902

Wisconsin

62,809

EFFECTIVE DATE

This revenue procedure is effective for allocations of housing credit dollar amounts attributable to the National Pool component of a qualified state’s housing credit ceiling for calendar year 2017.

DRAFTING INFORMATION

The principal author of this revenue procedure is James A. Holmes of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure, contact Mr. Holmes at (202) 317-4137 (not a toll-free number).

Section 42. — Low-Income Housing Credit

26 CFR 1.42-14. Allocation rules for post-1989 State housing credit ceiling amounts. Guidance is provided to state housing credit agencies of qualified states that request an allocation of unused housing credit carryover under section 42(h)(3)(D) of the Internal Revenue Code. See Rev. Proc. 2017-54, page 336.

 

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Subject Areas/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2017-79654
  • Tax Analysts Electronic Citation
    2017 TNT 198-12
    2017 TPR 43-11
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