Notice 2025-18, 2025-16 I.R.B. 1416

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 2025 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under § 42(h)(3)(C)(ii); (2) the 2025 calendar year volume cap (Volume Cap) under § 146; and (3) the 2025 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 2025 calendar year is in Rev. Proc. 2024-40; 2024-45 I.R.B. 1100. Section 2.09 of Rev. Proc. 2024-40 provides that, for calendar year 2025, the amount for calculating the Credit Ceiling under § 42(h)(3)(C)(ii) is the greater of $3.00 multiplied by the State population, or $3,455,000. Further, section 2.20 of Rev. Proc. 2024-40 provides that the amount for calculating the Volume Cap under § 146(d)(1) for calendar year 2025 is the greater of $130 multiplied by the State population, or $388,780,000.

For the 50 states, the District of Columbia, and Puerto Rico, the population figures for calculating the Credit Ceiling, the Volume Cap, and the Volume Limit for the 2025 calendar year are the resident population estimates released electronically by the U.S. Census Bureau on December 19, 2024, and described in Press Release CB24-213. For American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands, the population figures for the 2025 calendar year are the 2024 midyear population figures in the U.S. Census Bureau’s International Data Base.

For convenience, these figures are reprinted below.

Resident Population Figures

Alabama

5,157,699

Alaska

740,133

American Samoa

43,895

Arizona

7,582,384

Arkansas

3,088,354

California

39,431,263

Colorado

5,957,493

Connecticut

3,675,069

Delaware

1,051,917

District of Columbia

702,250

Florida

23,372,215

Georgia

11,180,878

Guam

169,532

Hawaii

1,446,146

Idaho

2,001,619

Illinois

12,710,158

Indiana

6,924,275

Iowa

3,241,488

Kansas

2,970,606

Kentucky

4,588,372

Louisiana

4,597,740

Maine

1,405,012

Maryland

6,263,220

Massachusetts

7,136,171

Michigan

10,140,459

Minnesota

5,793,151

Mississippi

2,943,045

Missouri

6,245,466

Montana

1,137,233

Nebraska

2,005,465

Nevada

3,267,467

New Hampshire

1,409,032

New Jersey

9,500,851

New Mexico

2,130,256

New York

19,867,248

North Carolina

11,046,024

North Dakota

796,568

Northern Mariana Islands

51,118

Ohio

11,883,304

Oklahoma

4,095,393

Oregon

4,272,371

Pennsylvania

13,078,751

Puerto Rico

3,203,295

Rhode Island

1,112,308

South Carolina

5,478,831

South Dakota

924,669

Tennessee

7,227,750

Texas

31,290,831

Utah

3,503,613

Vermont

648,493

Virginia

8,811,195

Virgin Islands, U.S.

104,377

Washington

7,958,180

West Virginia

1,769,979

Wisconsin

5,960,975

Wyoming

587,618

The principal authors of this notice are Waheed M. Olayan, Office of the Associate Chief Counsel (Energy, Credits, and Excise), and Brian Choi, Office of the Associate Chief Counsel (Financial Institutions and Products). For further information regarding this notice, please contact Waheed M. Olayan at (202) 317-6239 (not a toll-free number).