Rev. Proc. 2024-18, 2024-15 I.R.B.

SECTION 1. PURPOSE

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.

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.

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.

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 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.

EFFECT ON OTHER DOCUMENTS

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.

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 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).