Internal Revenue Bulletin: 2023-12

March 20, 2023


These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.


Notice 2023-22, page 569.

Resident populations of the 50 states, the District of Columbia, Puerto Rico, and the insular areas for purposes of determining the 2023 calendar year (1) state housing credit ceiling under section 42(h) of the Code, (2) private activity bond volume cap under section 146, and (3) private activity bond volume limit under section 142(k) are reproduced.

The IRS Mission

Provide America’s taxpayers top-quality service by helping them understand and meet their tax responsibilities and enforce the law with integrity and fairness to all.


The Internal Revenue Bulletin is the authoritative instrument of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest. It is published weekly.

It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application of the tax laws, including all rulings that supersede, revoke, modify, or amend any of those previously published in the Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements of internal practices and procedures that affect the rights and duties of taxpayers are published.

Revenue rulings represent the conclusions of the Service on the application of the law to the pivotal facts stated in the revenue ruling. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices, identifying details and information of a confidential nature are deleted to prevent unwarranted invasions of privacy and to comply with statutory requirements.

Rulings and procedures reported in the Bulletin do not have the force and effect of Treasury Department Regulations, but they may be used as precedents. Unpublished rulings will not be relied on, used, or cited as precedents by Service personnel in the disposition of other cases. In applying published rulings and procedures, the effect of subsequent legislation, regulations, court decisions, rulings, and procedures must be considered, and Service personnel and others concerned are cautioned against reaching the same conclusions in other cases unless the facts and circumstances are substantially the same.

The Bulletin is divided into four parts as follows:

Part I.—1986 Code. This part includes rulings and decisions based on provisions of the Internal Revenue Code of 1986.

Part II.—Treaties and Tax Legislation. This part is divided into two subparts as follows: Subpart A, Tax Conventions and Other Related Items, and Subpart B, Legislation and Related Committee Reports.

Part III.—Administrative, Procedural, and Miscellaneous. To the extent practicable, pertinent cross references to these subjects are contained in the other Parts and Subparts. Also included in this part are Bank Secrecy Act Administrative Rulings. Bank Secrecy Act Administrative Rulings are issued by the Department of the Treasury’s Office of the Assistant Secretary (Enforcement).

Part IV.—Items of General Interest. This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements.

The last Bulletin for each month includes a cumulative index for the matters published during the preceding months. These monthly indexes are cumulated on a semiannual basis, and are published in the last Bulletin of each semiannual period.

Part I

Weighted Average Interest Rates Update

Notice 2023-22

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 2023 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under § 42(h)(3)(C)(ii); (2) the 2023 calendar year volume cap (Volume Cap) under § 146; and (3) the 2023 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 2023 calendar year is in Rev. Proc. 2022-38; 2022-45 I.R.B. 445. Section 3.09 of Rev. Proc. 2022-38 provides that, for calendar year 2023, the amount for calculating the Credit Ceiling under § 42(h)(3)(C)(ii) is the greater of $2.75 multiplied by the State population, or $3,185,000. Further, section 3.20 of Rev. Proc. 2022-38 provides that the amount for calculating the Volume Cap under § 146(d)(1) for calendar year 2023 is the greater of $120 multiplied by the State population, or $358,845,000.

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 2023 calendar year are the resident population estimates released electronically by the U.S. Census Bureau on December 22, 2022, and described in Press Release CB22-214. For American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands, the population figures for the 2023 calendar year are the 2022 midyear population figures in the U.S. Census Bureau’s International Data Base.

For convenience, these figures are reprinted below.

Resident Population Figures
Alabama 5,074,296
Alaska 733,583
American Samoa 45,443
Arizona 7,359,197
Arkansas 3,045,637
California 39,029,342
Colorado 5,839,926
Connecticut 3,626,205
Delaware 1,018,396
District of Columbia 671,803
Florida 22,244,823
Georgia 10,912,876
Guam 169,086
Hawaii 1,440,196
Idaho 1,939,033
Illinois 12,582,032
Indiana 6,833,037
Iowa 3,200,517
Kansas 2,937,150
Kentucky 4,512,310
Louisiana 4,590,241
Maine 1,385,340
Maryland 6,164,660
Massachusetts 6,981,974
Michigan 10,034,113
Minnesota 5,717,184
Mississippi 2,940,057
Missouri 6,177,957
Montana 1,122,867
Nebraska 1,967,923
Nevada 3,177,772
New Hampshire 1,395,231
New Jersey 9,261,699
New Mexico 2,113,344
New York 19,677,151
North Carolina 10,698,973
North Dakota 779,261
Northern Mariana Islands 51,475
Ohio 11,756,058
Oklahoma 4,019,800
Oregon 4,240,137
Pennsylvania 12,972,008
Puerto Rico 3,221,789
Rhode Island 1,093,734
South Carolina 5,282,634
South Dakota 909,824
Tennessee 7,051,339
Texas 30,029,572
Utah 3,380,800
Vermont 647,064
Virginia 8,683,619
Virgin Islands, U.S. 105,413
Washington 7,785,786
West Virginia 1,775,156
Wisconsin 5,892,539
Wyoming 581,381

The principal authors of this notice are Dillon Taylor, Office of the Associate Chief Counsel (Passthroughs and Special Industries), and David White, Office of the Associate Chief Counsel (Financial Institutions and Products). For further information regarding this notice, please contact Mr. Taylor at (202) 317-4137 (not a toll-free number).

Definition of Terms

Revenue rulings and revenue procedures (hereinafter referred to as “rulings”) that have an effect on previous rulings use the following defined terms to describe the effect:

Amplified describes a situation where no change is being made in a prior published position, but the prior position is being extended to apply to a variation of the fact situation set forth therein. Thus, if an earlier ruling held that a principle applied to A, and the new ruling holds that the same principle also applies to B, the earlier ruling is amplified. (Compare with modified, below).

Clarified is used in those instances where the language in a prior ruling is being made clear because the language has caused, or may cause, some confusion. It is not used where a position in a prior ruling is being changed.

Distinguished describes a situation where a ruling mentions a previously published ruling and points out an essential difference between them.

Modified is used where the substance of a previously published position is being changed. Thus, if a prior ruling held that a principle applied to A but not to B, and the new ruling holds that it applies to both A and B, the prior ruling is modified because it corrects a published position. (Compare with amplified and clarified, above).

Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions. This term is most commonly used in a ruling that lists previously published rulings that are obsoleted because of changes in laws or regulations. A ruling may also be obsoleted because the substance has been included in regulations subsequently adopted.

Revoked describes situations where the position in the previously published ruling is not correct and the correct position is being stated in a new ruling.

Superseded describes a situation where the new ruling does nothing more than restate the substance and situation of a previously published ruling (or rulings). Thus, the term is used to republish under the 1986 Code and regulations the same position published under the 1939 Code and regulations. The term is also used when it is desired to republish in a single ruling a series of situations, names, etc., that were previously published over a period of time in separate rulings. If the new ruling does more than restate the substance of a prior ruling, a combination of terms is used. For example, modified and superseded describes a situation where the substance of a previously published ruling is being changed in part and is continued without change in part and it is desired to restate the valid portion of the previously published ruling in a new ruling that is self contained. In this case, the previously published ruling is first modified and then, as modified, is superseded.

Supplemented is used in situations in which a list, such as a list of the names of countries, is published in a ruling and that list is expanded by adding further names in subsequent rulings. After the original ruling has been supplemented several times, a new ruling may be published that includes the list in the original ruling and the additions, and supersedes all prior rulings in the series.

Suspended is used in rare situations to show that the previous published rulings will not be applied pending some future action such as the issuance of new or amended regulations, the outcome of cases in litigation, or the outcome of a Service study.


The following abbreviations in current use and formerly used will appear in material published in the Bulletin.






B.T.A.—Board of Tax Appeals.


C.B.—Cumulative Bulletin.

CFR—Code of Federal Regulations.



Ct.D.—Court Decision.



DC—Dummy Corporation.


Del. Order—Delegation Order.

DISC—Domestic International Sales Corporation.




E.O.—Executive Order.


ERISA—Employee Retirement Income Security Act.



FC—Foreign Country.

FICA—Federal Insurance Contributions Act.

FISC—Foreign International Sales Company.

FPH—Foreign Personal Holding Company.

F.R.—Federal Register.

FUTA—Federal Unemployment Tax Act.

FX—Foreign corporation.

G.C.M.—Chief Counsel’s Memorandum.


GP—General Partner.


IC—Insurance Company.

I.R.B.—Internal Revenue Bulletin.


LP—Limited Partner.





P—Parent Corporation.

PHC—Personal Holding Company.

PO—Possession of the U.S.



PTE—Prohibited Transaction Exemption.

Pub. L.—Public Law.

REIT—Real Estate Investment Trust.

Rev. Proc.—Revenue Procedure.

Rev. Rul.—Revenue Ruling.


S.P.R.—Statement of Procedural Rules.

Stat.—Statutes at Large.

T—Target Corporation.

T.C.—Tax Court.

T.D.—Treasury Decision.



T.I.R.—Technical Information Release.




U.S.C.—United States Code.




Numerical Finding List1

Numerical Finding List

Bulletin 2023–12


Article Issue Link Page
2023-2 2023-2 I.R.B. 2023-02 344
2023-1 2023-3 I.R.B. 2023-03 422
2023-3 2023-5 I.R.B. 2023-05 447
2023-4 2023-7 I.R.B. 2023-07 470
2023-5 2023-9 I.R.B. 2023-09 499
2023-6 2023-9 I.R.B. 2023-09 501


Article Issue Link Page
2023-1 2023-10 I.R.B. 2023-10 502
2023-2 2023-11 I.R.B. 2023-11 529


Article Issue Link Page
2023-4 2023-2 I.R.B. 2023-02 321
2023-5 2023-2 I.R.B. 2023-02 324
2023-6 2023-2 I.R.B. 2023-02 328
2023-8 2023-2 I.R.B. 2023-02 341
2023-1 2023-3 I.R.B. 2023-03 373
2023-2 2023-3 I.R.B. 2023-03 374
2023-3 2023-3 I.R.B. 2023-03 388
2023-7 2023-3 I.R.B. 2023-03 390
2023-9 2023-3 I.R.B. 2023-03 402
2023-10 2023-3 I.R.B. 2023-03 403
2023-11 2023-3 I.R.B. 2023-03 404
2023-12 2023-6 I.R.B. 2023-06 450
2023-13 2023-6 I.R.B. 2023-06 454
2023-16 2023-8 I.R.B. 2023-08 479
2023-17 2023-10 I.R.B. 2023-10 505
2023-18 2023-10 I.R.B. 2023-10 508
2023-20 2023-10 I.R.B. 2023-10 523
2023-19 2023-11 I.R.B. 2023-11 560
2023-21 2023-11 I.R.B. 2023-11 563
2023-22 2023-12 I.R.B. 2023-12 569

Proposed Regulations:

Article Issue Link Page
REG-100442-22 2023-3 I.R.B. 2023-03 423
REG-146537-06 2023-3 I.R.B. 2023-03 436
REG-114666-22 2023-4 I.R.B. 2023-04 437
REG 122286-18 2023-11 I.R.B. 2023-11 565

Revenue Procedures:

Article Issue Link Page
2023-1 2023-1 I.R.B. 2023-01 1
2023-2 2023-1 I.R.B. 2023-01 120
2023-3 2023-1 I.R.B. 2023-01 144
2023-4 2023-1 I.R.B. 2023-01 162
2023-5 2023-1 I.R.B. 2023-01 265
2023-7 2023-1 I.R.B. 2023-01 305
2023-8 2023-3 I.R.B. 2023-03 407
2023-10 2023-3 I.R.B. 2023-03 411
2023-11 2023-3 I.R.B. 2023-03 417
2023-14 2023-6 I.R.B. 2023-06 466
2023-9 2023-7 I.R.B. 2023-07 471

Revenue Rulings:

Article Issue Link Page
2023-1 2023-2 I.R.B. 2023-02 309
2023-3 2023-6 I.R.B. 2023-06 448
2023-4 2023-9 I.R.B. 2023-09 480
2023-5 2023-10 I.R.B. 2023-10 503

Treasury Decisions:

Article Issue Link Page
9970 2023-2 I.R.B. 2023-02 311
9771 2023-3 I.R.B. 2023-03 346
9772 2023-11 I.R.B. 2023-11 530
9773 2023-11 I.R.B. 2023-11 557

1 A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2022–27 through 2022–52 is in Internal Revenue Bulletin 2022–52, dated December 27, 2022.

Finding List of Current Actions on Previously Published Items1

Bulletin 2023–12

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