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

Qualified State Amount Allocated

Alabama 46,914 Arizona 63,757 California 370,106 Connecticut 34,930 Delaware 8,922 Florida 187,941 Georgia 96,511 Idaho 15,525 Illinois 125,264 Kansas 28,077 Louisiana 44,772 Maryland 57,251 Massachusetts 64,661 Michigan 96,155 Minnesota 52,334

September 16, 2013 208 2013–38 I.R.B.

Qualified State Amount Allocated

Mississippi 29,040 Nebraska 18,052 New Jersey 86,244 New Mexico 20,290 New York 190,400 North Carolina 94,878 North Dakota 6,807 Ohio 112,314 Oregon 37,937 Pennsylvania 124,177 Rhode Island 10,218 South Dakota 8,108 Texas 253,531 Vermont 6,090 Virginia 79,641 Washington 67,101 West Virginia 18,051

2011, the relevant domestic investment yields are:

[3.5] percent for foreign life insurance companies, and

[3.7] percent for foreign property and liability insurance companies.

.03 SOURCE OF DATA FOR 2012. The section 842(b) percentages to be used for the 2012 tax year are based on tax return data following the same methodology used for the 2011 year.

SECTION 3. APPLICATION—ESTIMATED TAXES

To compute estimated tax and the installment payments of estimated tax due for taxable years beginning after December 31, 2011, a foreign insurance company must compute its estimated tax payments by adding to its income other than net investment income the greater of (i) its net investment income as determined under section 842(b)(5), that is actually effectively connected with the conduct of a trade or business within the United States for the relevant period, or (ii) the minimum effectively connected net investment income under section 842(b) that would result from using the most recently available domestic asset/liability percentage and domestic investment yield. Thus, for installment payments due after the publication of this revenue procedure, the domestic asset/liability percentages and the domestic investment yields provided in this revenue procedure must be used to compute the minimum effectively connected net investment income. However, if the due date of an installment is less than 20 days after the

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 2013.

DRAFTING INFORMATION

The principal author of this revenue procedure is Jian H. Grant of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure contact Ms. Grant on (202) 622–3040 (not a toll-free call).

601.105: Examination of returns and claims for re- fund, credit, or abatement; determination of tax lia- bility (Also: 842(b))

Rev. Proc. 2013–33