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In October 2015, IRS Notice 2015-53 set the state credit ceiling at the greater of $2.35 times the state’s population or the small-state minimum of $2.69 million. And now, with IRS Notice 2016-24, the IRS recently updated state population estimates for 2016. These population numbers are used to calculate the amount of LIHTCs and private activity bonds states and U.S. territories can issue.
