This revenue procedure supplements Rev. Proc. 2023-32, 2023-41 I.R.B. 1064, by publishing amounts of unused housing credit carryovers allocated to qualified states under § 42(h)(3)(D) of the Internal Revenue Code for calendar year 2023 in addition to those amounts published in Rev. Proc. 2023-32.
Rev. Proc. 2019-45, 2019-48 I.R.B. 524, 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). 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) is published by the Internal Revenue Service in the Internal Revenue Bulletin.
On October 10, 2023, Rev. Proc. 2023-32 published the amounts of unused housing credit carryovers allocated to qualified states under § 42(h)(3)(D). This revenue procedure publishes additional amounts of unused housing credit carryovers allocated to the same qualified states for calendar year 2023.
The unused housing credit carryover amount allocated from the National Pool by the Secretary to each qualified state for calendar year 2023 in addition to the amounts published in Rev. Proc. 2023-32 is as follows:
| Qualified State | Additional Amount Allocated |
|---|---|
| Connecticut | 136,793 |
| Delaware | 38,417 |
| Florida | 839,149 |
| Georgia | 411,670 |
| Illinois | 474,636 |
| Maryland | 232,551 |
| Massachusetts | 263,383 |
| Michigan | 378,520 |
| Minnesota | 215,671 |
| Montana | 42,358 |
| Nebraska | 74,237 |
| Nevada | 119,876 |
| New Jersey | 349,382 |
| New Mexico | 79,722 |
| New York | 742,288 |
| North Carolina | 403,601 |
| Ohio | 443,478 |
| Oregon | 159,952 |
| Pennsylvania | 489,347 |
| Rhode Island | 41,259 |
| South Dakota | 34,322 |
| Texas | 1,132,815 |
| Utah | 127,535 |
| Vermont | 24,409 |
| Virginia | 327,575 |
| Washington | 293,706 |
| West Virginia | 66,965 |
| Wisconsin | 222,286 |
Any additional amount of unused housing credit carryover published in this revenue procedure that a qualified state fails to allocate before the close of 2023 will not be considered in determining whether that state qualifies for an allocation of unused housing credit carryover for calendar year 2024.
This revenue procedure supplements Rev. Proc. 2023-32 by increasing the amounts of unused housing credit carryovers allocated to qualified states from the 2023 National Pool.
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 2023.
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