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Rev. Proc. 2020-42


(back to all Revenue Procedures, or view IRB 2020-41)


Rev. Proc. 2020-42

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 2020.

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). Section 5.04 of Rev. Proc. 2019-45 provides that the Internal Revenue Service will publish in the Internal Revenue Bulletin 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). This revenue procedure publishes these amounts for calendar year 2020.

SECTION 3. PROCEDURE

The unused housing credit carryover amount allocated from the National Pool by the Secretary to each qualified state for calendar year 2020 is as follows:

Qualified State Amount Allocated
Alabama 58,538
Arizona 86,900
California 471,731
Connecticut 42,565
Delaware 11,626
Florida 256,420
Georgia 126,760
Idaho 21,336
Illinois 151,287
Kentucky 53,339
Maine 16,048
Maryland 72,179
Massachusetts 82,289
Michigan 119,232
Minnesota 67,331
Missouri 73,274
Montana 12,760
Nebraska 23,095
New Jersey 106,043
New Mexico 25,034
New York 232,253
North Carolina 125,216
North Dakota 9,098
Oklahoma 47,242
Pennsylvania 152,841
Rhode Island 12,648
South Dakota 10,562
Texas 346,178
Vermont 7,450
Virginia 101,904
Washington 90,913
West Virginia 21,396
Wisconsin 69,513
 

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 2020.

DRAFTING INFORMATION

The principal author of this revenue procedure is YoungNa Lee of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure, contact Ms. Lee 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. 2020-42

1 The term “counties” in this notice includes boroughs, census areas, counties, islands, municipalities, or parishes.


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