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Rev. Proc. 2023-32


(back to all Revenue Procedures, or view IRB 2023-41)


Rev. Proc. 2023-32

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 2023.

SECTION 2. BACKGROUND

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. This revenue procedure publishes these amounts for calendar year 2023.

SECTION 3. PROCEDURE

The unused housing credit carryover amount allocated from the National Pool by the Secretary to each qualified state for calendar year 2023 is as follows:

Qualified State Amount Allocated
Connecticut 54,370
Delaware 15,269
Florida 333,529
Georgia 163,623
Illinois 188,649
Maryland 92,430
Massachusetts 104,684
Michigan 150,447
Minnesota 85,721
Montana 16,836
Nebraska 29,506
Nevada 47,646
New Jersey 138,866
New Mexico 31,686
New York 295,030
North Carolina 160,415
Ohio 176,265
Oregon 63,575
Pennsylvania 194,496
Rhode Island 16,399
South Dakota 13,641
Texas 450,249
Utah 50,690
Vermont 9,702
Virginia 130,198
Washington 116,736
West Virginia 26,616
Wisconsin 88,350
 

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 2023.

DRAFTING INFORMATION

The principal author of this revenue procedure is Dillon Taylor of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure, contact Mr. Taylor 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. 2023-32.


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