Notice 2021-19

This notice advises State and local housing credit agencies that allocate low-income housing tax credits under § 42 of the Internal Revenue Code, and States and other issuers of tax-exempt private activity bonds under § 141, of the population figures to use in calculating: (1) the 2021 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under § 42(h)(3) (C)(ii); (2) the 2021 calendar year volume cap (Volume Cap) under § 146; and (3) the 2021 volume limit (Volume Limit) under § 142(k)(5).

Generally, the population-based component of both the Credit Ceiling and the Volume Cap are determined under § 146(j), which requires determining the population figures for any calendar year on the basis of the most recent census estimate of the resident population of a State (or issuing authority) released by the U.S. Census Bureau before the beginning of the calendar year. Similarly, § 142(k)(5) bases the Volume Limit on the State population.

Sections 42(h)(3)(H) and 146(d)(2) require adjusting for inflation the population-based component of the Credit Ceiling and the Volume Cap. The Credit Ceiling adjustment for the 2021 calendar year is in Rev. Proc. 2020-45, 2020-46 I.R.B 1016. Section 3.10 of Rev. Proc. 2020-45 provides that, for calendar year 2021, the amount for calculating the Credit Ceiling under § 42(h)(3)(C)(ii) is the greater of $2.8125 multiplied by the State population, or $3,245,625. Further, section 3.21 of Rev. Proc. 2020-45 provides that the amount for calculating the Volume Cap under § 146(d)(1) for calendar year 2021 is the greater of $110 multiplied by the State population, or $324,995,000.

For the 50 states, and the District of Columbia, the population figures for calculating the Credit Ceiling, the Volume Cap, and the Volume Limit for the 2021 calendar year are the resident population estimates released electronically by the U.S. Census Bureau on December 22, 2020, and described in Press Release CB20-TPS.104. For Puerto Rico the population figure for the 2021 calendar year is the resident population estimate released electronically by the U.S. Census Bureau on December 30, 2019 and described in Press Release CB19-198. For American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands, the population figures for the 2021 calendar year are the 2020 midyear population figures in the U.S. Census Bureau’s International Data Base (IDB). The last announced update of the IDB by the U.S. Census Bureau in 2020 was electronically announced on December 15, 2020, in Press Release CB20TPS.96.

For convenience, these figures are reprinted below.

Resident Population Figures

Alabama 4,921,532 Alaska 731,158

Alaska 731,158

American Samoa 47,392 Arizona 7,421,401 Arkansas 3,030,522 California 39,368,078 Colorado 5,807,719 Connecticut 3,557,006

March 15, 2021 920 Bulletin No. 2021–11

Delaware 986,809 District of Columbia 712,816 Florida 21,733,312 Georgia 10,710,017 Guam 168,489 Hawaii 1,407,006 Idaho 1,826,913 Illinois 12,587,530 Indiana 6,754,953 Iowa 3,163,561 Kansas 2,913,805 Kentucky 4,477,251 Louisiana 4,645,318 Maine 1,350,141 Maryland 6,055,802 Massachusetts 6,893,574 Michigan 9,966,555 Minnesota 5,657,342 Mississippi 2,966,786 Missouri 6,151,548 Montana 1,080,577 Nebraska 1,937,552 Nevada 3,138,259 New Hampshire 1,366,275 New Jersey 8,882,371 New Mexico 2,106,319 New York 19,336,776 North Carolina 10,600,823 North Dakota 765,309 Northern Mariana Islands 51,851 Ohio 11,693,217 Oklahoma 3,980,783 Oregon 4,241,507 Pennsylvania 12,783,254 Puerto Rico 3,193,694 Rhode Island 1,057,125 South Carolina 5,218,040 South Dakota 892,717 Tennessee 6,886,834 Texas 29,360,759 Utah 3,249,879 Vermont 623,347 Virginia 8,590,563 Virgin Islands, U.S. 106,290 Washington 7,693,612 West Virginia 1,784,787 Wisconsin 5,832,655 Wyoming 582,328

The principal authors of this notice are Michael J. Torruella Costa, Office of the Associate Chief Counsel (Passthroughs and Special Industries), and Lewis Bell,

Office of the Associate Chief Counsel (Financial Institutions and Products). For further information regarding this notice,

please contact Mr. Torruella Costa at (202) 317-4137 (not a toll-free number).

Bulletin No. 2021–11 921 March 15, 2021

Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act