Internal Revenue Bulletin:  2003-34 

August 25, 2003 

Rev. Proc. 2003-67


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 2003.

SECTION 2. BACKGROUND

Rev. Proc. 92-31, 1992-1 C.B. 775, 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 4.06 of Rev. Proc. 92-31 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 2003.

SECTION 3. PROCEDURE

The unused housing credit carryover amount allocated from the National Pool by the Secretary to each qualified state for calendar year 2003 is as follows:

Qualified State Amount Allocated
Alabama $133,549
California 1,045,289
Connecticut 103,008
Florida 497,496
Indiana 183,335
Kentucky 121,832
Maine 38,532
Maryland 162,471
Massachusetts 191,335
Michigan 299,169
Minnesota 149,421
Mississippi 85,484
Missouri 168,854
Nebraska 51,472
New Hampshire 37,954
New Jersey 255,705
New York 570,257
Ohio 339,974
Oregon 104,824
Rhode Island 31,842
South Carolina 122,257
Tennessee 172,566
Texas 648,316
Utah 68,947
Vermont 18,354
Virginia 217,105
Washington 180,654

SECTION 4. 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 2003.

DRAFTING INFORMATION

The principal author of this procedure is Christopher J. Wilson of the Office of Associate Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure, contact Mr. Wilson at (808) 539-2874 or Susan Reaman at (202) 622-3040 (not toll-free calls).


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