SECTION 3. PROCEDURE

The unused housing credit carryover amount allocated from the National Pool by the Secretary to each qualified state for calendar year 2024 is as follows:

1 Pursuant to section 45E(f)(2)(C)(iii), for a taxable year beginning in a calendar year after 2023, this limitation is equal to the initial limitation of $100,000, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2007” for “calendar year 2016” in section 1(f)(3)(A)(ii). Because the specification of a 2007 base period to be used for computing an adjustment that is first made for 2024 appears to be an error that has been identified as the subject of future legislative correction, the IRS will calculate and apply the limitation in section 45E(f)(2)(C) by substituting “calendar year 2022” for “calendar year 2007” in section 45E(f)(2)(C) (iii). Using that substitution, the limitation for 2024 was $105,000.

November 18, 2024 1122 Bulletin No. 2024–47

Qualified State Amount Allocated Alaska 10,879 California 577,985 Connecticut 53,655 Delaware 15,306 Florida 335,393 Georgia 163,601 Illinois 186,154 Iowa 47,571 Kansas 43,618 Maryland 91,674 Massachusetts 103,854 Michigan 148,886 Minnesota 85,113 Nebraska 29,346 New Jersey 137,815 New Mexico 31,363 New York 290,307 North Carolina 160,727 Ohio 174,825 Oregon 62,795 Pennsylvania 192,266 Rhode Island 16,257 South Dakota 13,637 Texas 452,467 Utah 50,697 Vermont 9,604 Virginia 129,283 Washington 115,891 West Virginia 26,256

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 2024.

Section 42 - Low-Income Housing Credit.

DRAFTING INFORMATION

The principal author of this revenue procedure is Waheed Olayan of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure,

contact Mr. Olayan at (202) 317-6239 (not a toll-free number).

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. 2023-32.

Bulletin No. 2024–47 1123 November 18, 2024