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.

The top five states in terms of allocation authority for 2016 are: California ($92M), Texas ($64.6M), Florida ($47.6M), New York ($46.5M), and Illinois ($30.2M).