Internal Revenue Bulletin: 2022-16

April 18, 2022

HIGHLIGHTS OF THIS ISSUE

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.

ADMINISTRATIVE

Rev. Proc. 2022-21, page 1015.

This revenue procedure provides issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit certificates, as defined in § 25(c), with (1) the nationwide average purchase price for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.

26 CFR 601.601: Rules and Regulations

(Also Part 1, §§ 25, 143, 6a.103A-1(b)(4), 6a.103A-2(f)(5)).

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.

Introduction

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 III

Rev. Proc. 2022-21

SECTION 1. PURPOSE

This revenue procedure provides issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code (Code), and issuers of mortgage credit certificates, as defined in § 25(c), with (1) the nationwide average purchase price for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.

SECTION 2. BACKGROUND

.01 Section 103(a) provides that, except as provided in § 103(b), gross income does not include interest on any State or local bond. Section 103(b)(1) provides that § 103(a) shall not apply to any private activity bond that is not a “qualified bond” within the meaning of § 141. Section 141(e) provides, in part, that the term “qualified bond” means any private activity bond if such bond (1) is a qualified mortgage bond under § 143, (2) meets the volume cap requirements under § 146, and (3) meets the applicable requirements under § 147.

.02 Section 143(a)(1) provides that the term “qualified mortgage bond” means a bond that is issued as part of a qualified mortgage issue. Section 143(a)(2)(A) provides that the term “qualified mortgage issue” means an issue of one or more bonds by a State or political subdivision thereof, but only if: (i) all proceeds of the issue (exclusive of issuance costs and a reasonably required reserve) are to be used to finance owner-occupied residences; (ii) the issue meets the requirements of subsections (c), (d), (e), (f), (g), (h), (i), and (m)(7) of § 143; (iii) the issue does not meet the private business tests of paragraphs (1) and (2) of § 141(b); and (iv) with respect to amounts received more than 10 years after the date of issuance, repayments of $250,000 or more of principal on mortgage financing provided by the issue are used by the close of the first semiannual period beginning after the date the prepayment (or complete repayment) is received to redeem bonds that are part of the issue.

Average Area Purchase Price

.03 Section 143(e)(1) provides that an issue of bonds meets the purchase price requirements of § 143(e) if the acquisition cost of each residence financed by the issue does not exceed 90 percent of the average area purchase price applicable to such residence. Section 143(e)(5) provides that, in the case of a targeted area residence (as defined in § 143(j)), § 143(e)(1) shall be applied by substituting 110 percent for 90 percent.

.04 Section 143(e)(2) provides that the term “average area purchase price” means, with respect to any residence, the average purchase price of single-family residences (in the statistical area in which the residence is located) that were purchased during the most recent 12-month period for which sufficient statistical information is available. Under §§ 143(e)(3) and (4), respectively, separate determinations of average area purchase price are to be made for new and existing residences, and for two-, three-, and four-family residences.

.05 Section 143(e)(2) also provides that the determination of the average area purchase price shall be made as of the date on which the commitment to provide the financing is made or, if earlier, the date of the purchase of the residence.

.06 Section 143(k)(2)(A) provides that the term “statistical area” means (i) a metropolitan statistical area (MSA), and (ii) any county (or the portion thereof) that is not within an MSA. Section 143(k)(2)(C) further provides that if sufficient recent statistical information with respect to a county (or portion thereof) is unavailable, the Secretary may substitute another area for which there is sufficient recent statistical information for such county (or portion thereof). In the case of any portion of a State which is not within a county, § 143(k)(2)(D) provides that the Secretary may designate an area that is the equivalent of a county. Section 6a.103A-1(b)(4)(i) of the Income Tax Regulations (issued under § 103A of the Internal Revenue Code of 1954, the predecessor of § 143 of the Code) provides that the term “State” includes a possession of the United States and the District of Columbia.

.07 Section 6a.103A-2(f)(5)(i) provides that an issuer may rely upon the average area purchase price safe harbors published by the Department of the Treasury (Treasury Department) for the statistical area in which a residence is located. Section 6a.103A-2(f)(5)(i) further provides that an issuer may use an average area purchase price limitation different from the published safe harbor if the issuer has more accurate and comprehensive data for the statistical area.

Qualified Mortgage Credit Certificate Program

.08 Section 25(c) permits a State or political subdivision thereof to establish a qualified mortgage credit certificate program. In general, a qualified mortgage credit certificate program is a program under which the issuing authority elects not to issue an amount of private activity bonds that it may otherwise issue during the calendar year under § 146, and in its place, issues mortgage credit certificates to taxpayers in connection with the acquisition of their principal residences. Section 25(a)(1) provides, in general, that the holder of a mortgage credit certificate may claim a federal income tax credit equal to the product of the credit rate specified in the certificate and the interest paid or accrued during the tax year on the remaining principal of the indebtedness incurred to acquire the residence. Section 25(c)(2)(A)(iii)(III) generally provides that residences acquired in connection with the issuance of mortgage credit certificates must meet the purchase price requirements of § 143(e).

Income Limitations for Qualified Mortgage Bonds and Mortgage Credit Certificates

.09 Section 143(f) imposes limitations on the income of mortgagors for whom financing may be provided by qualified mortgage bonds. In addition, § 25(c)(2)(A)(iii)(IV) provides that holders of mortgage credit certificates must meet the income requirement of § 143(f). Generally, under §§ 143(f)(1) and 25(c)(2)(A)(iii)(IV), the income requirement is met only if all owner-financing under a qualified mortgage bond and all mortgage credit certificates issued under a qualified mortgage credit certificate program are provided to mortgagors whose family income is 115 percent or less of the applicable median family income. Section 143(f)(5), however, generally provides for an upward adjustment to the percentage limitation in high housing cost areas. High housing cost areas are defined in § 143(f)(5)(C) as any statistical area for which the housing cost/income ratio is greater than 1.2.

.10 Under § 143(f)(5)(D), the housing cost/income ratio with respect to any statistical area is determined by dividing (a) the applicable housing price ratio for such area by (b) the ratio that the area median gross income for such area bears to the median gross income for the United States. The applicable housing price ratio is the new housing price ratio (new housing average area purchase price divided by the new housing average purchase price for the United States) or the existing housing price ratio (existing housing average area purchase price divided by the existing housing average purchase price for the United States), whichever results in the housing cost/income ratio being closer to 1.

Average Area and Nationwide Purchase Price Limitations

.11 Average area purchase price safe harbors for each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam were last published in Rev. Proc. 2021-17, 2021-15 I.R.B. 991.

.12 The nationwide average purchase price was last published in section 4.02 of Rev. Proc. 2021-17. Guidance with respect to the United States and area median gross income figures that are used in computing the housing cost/income ratio described in § 143(f)(5) was published in Rev. Proc. 2021-19, 2021-15 I.R.B. 1008.

.13 This revenue procedure uses Federal Housing Administration (FHA) loan limits for a given statistical area to calculate the average area purchase price safe harbor for that area. FHA sets limits on the dollar value of loans it will insure based on median home prices and conforming loan limits established by the Federal Home Loan Mortgage Corporation. In particular, FHA sets an area’s loan limit at 95 percent of the median home sales price for the area, subject to certain floors and caps measured against conforming loan limits.

.14 To calculate the average area purchase price safe harbors in this revenue procedure, the FHA loan limits are adjusted to take into account the differences between average and median purchase prices. Because FHA loan limits do not differentiate between new and existing residences, this revenue procedure contains a single average area purchase price safe harbor for both new and existing residences in a statistical area. The Treasury Department and the Internal Revenue Service (IRS) have determined that FHA loan limits provide a reasonable basis for determining average area purchase price safe harbors. If the Treasury Department and the IRS become aware of other sources of average purchase price data, including data that differentiate between new and existing residences, consideration will be given as to whether such data provide a more accurate method for calculating average area purchase price safe harbors.

.15 The average area purchase price safe harbors listed in section 4.01 of this revenue procedure are based on FHA loan limits released November 30, 2021. FHA loan limits are available for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam. See section 3.03 of this revenue procedure with respect to FHA loan limits revised after November 30, 2021.

.16 OMB Bulletin No. 03-04, dated and effective June 6, 2003, revised the definitions of the nation’s metropolitan areas and recognized 49 new metropolitan statistical areas. The OMB bulletin no longer includes primary metropolitan statistical areas.

SECTION 3. APPLICATION

Average Area Purchase Price Safe Harbors

.01 Average area purchase price safe harbors for statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam are set forth in section 4.01 of this revenue procedure. Average area purchase price safe harbors are provided for single-family and two to four-family residences. For each type of residence, section 4.01 of this revenue procedure contains a single safe harbor that may be used for both new and existing residences. Issuers of qualified mortgage bonds and issuers of mortgage credit certificates may rely on these safe harbors to satisfy the requirements of §§ 143(e) and (f). Section 4.01 of this revenue procedure provides safe harbors for MSAs and for certain counties and county equivalents. If no purchase price safe harbor is available for a statistical area, the safe harbor for “ALL OTHER AREAS” may be used for that statistical area.

.02 If a residence is in an MSA, the safe harbor applicable to it is the limitation of that MSA. If an MSA falls in more than one state, the MSA is listed in section 4.01 of this revenue procedure under each state.

.03 If the FHA revises the FHA loan limit for any statistical area after November 30, 2021, an issuer of qualified mortgage bonds or mortgage credit certificates may use the revised FHA loan limit for that statistical area to compute (as provided in the next sentence) a revised average area purchase price safe harbor for the statistical area provided that the issuer maintains records evidencing the revised FHA loan limit. The revised average area purchase price safe harbor for that statistical area is computed by dividing the revised FHA loan limit by 1.083.

.04 If, pursuant to § 6a.103A-2(f)(5)(i), an issuer uses more accurate and comprehensive data to determine the average area purchase price for a statistical area, the issuer must make separate average area purchase price determinations for new and existing residences. Moreover, when computing the average area purchase price for a statistical area that is an MSA, as defined in OMB Bulletin No. 03-04, the issuer must make the computation for the entire applicable MSA. When computing the average area purchase price for a statistical area that is not an MSA, the issuer must make the computation for the entire statistical area and may not combine statistical areas. Thus, for example, the issuer may not combine two or more counties.

.05 If an issuer receives a ruling permitting it to rely on an average area purchase price limitation that is higher than the applicable safe harbor in this revenue procedure, the issuer may rely on that higher limitation for the purpose of satisfying the requirements of §§ 143(e) and (f) for bonds sold, and mortgage credit certificates issued, not more than 30 months following the termination date of the 12-month period used by the issuer to compute the limitation.

Nationwide Average Purchase Price

.06 Section 4.02 of this revenue procedure sets forth a single nationwide average purchase price for purposes of computing the housing cost/income ratio under § 143(f)(5).

.07 Issuers must use the nationwide average purchase price set forth in section 4.02 of this revenue procedure when computing the housing cost/income ratio under § 143(f)(5) regardless of whether they are relying on the average area purchase price safe harbors contained in this revenue procedure or using more accurate and comprehensive data to determine average area purchase prices for new and existing residences for a statistical area that are different from the published safe harbors in this revenue procedure.

.08 If, pursuant to section 6.02 of this revenue procedure, an issuer relies on the average area purchase price safe harbors contained in Rev. Proc. 2021-17, the issuer must use the nationwide average purchase price set forth in section 4.02 of Rev. Proc. 2021-17 in computing the housing cost/income ratio under § 143(f)(5). Likewise, if, pursuant to section 6.04 of this revenue procedure, an issuer relies on the nationwide average purchase price published in Rev. Proc. 2021-17, the issuer must use the average area purchase price safe harbors set forth in section 4.01 of Rev. Proc. 2021-17 in computing the housing cost/income ratio under § 143(f)(5).

SECTION 4. AVERAGE AREA AND NATIONWIDE AVERAGE PURCHASE PRICES

.01 Average area purchase prices for single-family and two to four-family residences in MSAs, and for certain counties and county equivalents are set forth below. The safe harbor for “ALL OTHER AREAS” (found at the end of the table below) may be used for a statistical area that is not listed below.

2022 Average Area Purchase Prices for Mortgage Revenue Bonds

County Name State One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
ALEUTIANS WEST AK $503,224 $644,193 $778,700 $967,767
ANCHORAGE MUNIC AK $416,168 $532,766 $644,008 $800,348
JUNEAU CITY AND AK $472,436 $604,819 $731,064 $908,545
KODIAK ISLAND B AK $418,292 $535,489 $647,286 $804,410
MATANUSKA-SUSIT AK $416,168 $532,766 $644,008 $800,348
NOME CENSUS ARE AK $406,613 $520,533 $629,191 $781,931
SITKA CITY AND AK $465,004 $595,265 $719,570 $894,236
SKAGWAY MUNICIP AK $407,675 $521,872 $630,853 $784,008
YAKUTAT CITY AN AK $388,565 $497,408 $601,265 $747,266
           
COCONINO AZ $390,689 $500,131 $604,543 $751,328
MARICOPA AZ $407,675 $521,872 $630,853 $784,008
PINAL AZ $407,675 $521,872 $630,853 $784,008
           
ALAMEDA CA $896,220 $1,147,555 $1,387,051 $1,723,826
ALPINE CA $427,846 $547,721 $662,056 $822,782
CONTRA COSTA CA $896,220 $1,147,555 $1,387,051 $1,723,826
EL DORADO CA $623,191 $797,810 $964,351 $1,198,469
INYO CA $398,120 $509,640 $616,082 $765,637
LOS ANGELES CA $896,220 $1,147,555 $1,387,051 $1,723,826
MARIN CA $896,220 $1,147,555 $1,387,051 $1,723,826
MENDOCINO CA $467,128 $597,988 $722,848 $898,344
MONO CA $520,210 $665,980 $805,010 $1,000,401
MONTEREY CA $788,809 $1,009,817 $1,220,625 $1,516,965
NAPA CA $828,090 $1,060,130 $1,281,416 $1,592,527
NEVADA CA $562,676 $720,309 $870,695 $1,082,102
ORANGE CA $896,220 $1,147,555 $1,387,051 $1,723,826
PLACER CA $623,191 $797,810 $964,351 $1,198,469
RIVERSIDE CA $519,149 $664,595 $803,349 $998,370
SACRAMENTO CA $623,191 $797,810 $964,351 $1,198,469
SAN BENITO CA $896,220 $1,147,555 $1,387,051 $1,723,826
SAN BERNARDINO CA $519,149 $664,595 $803,349 $998,370
SAN DIEGO CA $812,165 $1,039,728 $1,256,767 $1,561,877
SAN FRANCISCO CA $896,220 $1,147,555 $1,387,051 $1,723,826
SAN JOAQUIN CA $520,210 $665,980 $805,010 $1,000,401
SAN LUIS OBISPO CA $743,158 $951,380 $1,150,002 $1,429,171
SAN MATEO CA $896,220 $1,147,555 $1,387,051 $1,723,826
SANTA BARBARA CA $722,986 $925,577 $1,118,798 $1,390,397
SANTA CLARA CA $896,220 $1,147,555 $1,387,051 $1,723,826
SANTA CRUZ CA $896,220 $1,147,555 $1,387,051 $1,723,826
SOLANO CA $566,923 $725,756 $877,295 $1,090,272
SONOMA CA $706,000 $903,790 $1,092,488 $1,357,717
STANISLAUS CA $424,661 $543,613 $657,117 $816,642
SUTTER CA $388,565 $497,408 $601,265 $747,266
VENTURA CA $785,624 $1,005,755 $1,215,732 $1,510,826
YOLO CA $623,191 $797,810 $964,351 $1,198,469
YUBA CA $388,565 $497,408 $601,265 $747,266
           
ADAMS CO $631,684 $808,657 $977,506 $1,214,809
ARAPAHOE CO $631,684 $808,657 $977,506 $1,214,809
BOULDER CO $690,075 $883,434 $1,067,839 $1,327,067
BROOMFIELD CO $631,684 $808,657 $977,506 $1,214,809
CHAFFEE CO $425,723 $544,998 $658,779 $818,720
CLEAR CREEK CO $631,684 $808,657 $977,506 $1,214,809
DENVER CO $631,684 $808,657 $977,506 $1,214,809
DOUGLAS CO $631,684 $808,657 $977,506 $1,214,809
EAGLE CO $796,240 $1,019,326 $1,232,165 $1,531,274
EL PASO CO $424,661 $543,613 $657,117 $816,642
ELBERT CO $631,684 $808,657 $977,506 $1,214,809
GARFIELD CO $896,220 $1,147,555 $1,387,051 $1,723,826
GILPIN CO $631,684 $808,657 $977,506 $1,214,809
GRAND CO $493,669 $631,961 $763,929 $949,349
GUNNISON CO $398,120 $509,640 $616,082 $765,637
HINSDALE CO $394,935 $505,578 $611,143 $759,498
JEFFERSON CO $631,684 $808,657 $977,506 $1,214,809
LA PLATA CO $456,511 $584,417 $706,415 $877,895
LARIMER CO $481,991 $617,052 $745,835 $926,916
MONTROSE CO $392,812 $502,855 $607,866 $755,390
OURAY CO $392,812 $502,855 $607,866 $755,390
PARK CO $631,684 $808,657 $977,506 $1,214,809
PITKIN CO $896,220 $1,147,555 $1,387,051 $1,723,826
ROUTT CO $626,376 $801,872 $969,290 $1,204,608
SAN MIGUEL CO $896,220 $1,147,555 $1,387,051 $1,723,826
SUMMIT CO $854,631 $1,094,103 $1,322,497 $1,643,532
TELLER CO $424,661 $543,613 $657,117 $816,642
WELD CO $445,895 $570,800 $689,983 $857,493
           
FAIRFIELD CT $642,300 $822,274 $993,939 $1,235,211
           
DISTRICT OF COL DC $896,220 $1,147,555 $1,387,051 $1,723,826
           
NEW CASTLE DE $440,586 $564,015 $681,766 $847,292
           
BAKER FL $399,182 $511,025 $617,698 $767,668
BROWARD FL $424,661 $543,613 $657,117 $816,642
CLAY FL $399,182 $511,025 $617,698 $767,668
COLLIER FL $509,594 $652,363 $788,578 $979,999
DUVAL FL $399,182 $511,025 $617,698 $767,668
MARTIN FL $398,120 $509,640 $616,082 $765,637
MIAMI-DADE FL $424,661 $543,613 $657,117 $816,642
MONROE FL $656,102 $839,907 $1,015,264 $1,261,752
NASSAU FL $399,182 $511,025 $617,698 $767,668
OKALOOSA FL $497,916 $637,408 $770,484 $957,519
PALM BEACH FL $424,661 $543,613 $657,117 $816,642
ST. JOHNS FL $399,182 $511,025 $617,698 $767,668
ST. LUCIE FL $398,120 $509,640 $616,082 $765,637
WALTON FL $497,916 $637,408 $770,484 $957,519
           
BARROW GA $435,278 $557,230 $673,550 $837,091
BARTOW GA $435,278 $557,230 $673,550 $837,091
BUTTS GA $435,278 $557,230 $673,550 $837,091
CARROLL GA $435,278 $557,230 $673,550 $837,091
CHEROKEE GA $435,278 $557,230 $673,550 $837,091
CLARKE GA $422,538 $540,936 $653,840 $812,581
CLAYTON GA $435,278 $557,230 $673,550 $837,091
COBB GA $435,278 $557,230 $673,550 $837,091
COWETA GA $435,278 $557,230 $673,550 $837,091
DAWSON GA $435,278 $557,230 $673,550 $837,091
DEKALB GA $435,278 $557,230 $673,550 $837,091
DOUGLAS GA $435,278 $557,230 $673,550 $837,091
FAYETTE GA $435,278 $557,230 $673,550 $837,091
FORSYTH GA $435,278 $557,230 $673,550 $837,091
FULTON GA $435,278 $557,230 $673,550 $837,091
GREENE GA $475,621 $608,881 $736,003 $914,684
GWINNETT GA $435,278 $557,230 $673,550 $837,091
HARALSON GA $435,278 $557,230 $673,550 $837,091
HEARD GA $435,278 $557,230 $673,550 $837,091
HENRY GA $435,278 $557,230 $673,550 $837,091
JASPER GA $435,278 $557,230 $673,550 $837,091
LAMAR GA $435,278 $557,230 $673,550 $837,091
MADISON GA $422,538 $540,936 $653,840 $812,581
MERIWETHER GA $435,278 $557,230 $673,550 $837,091
MORGAN GA $435,278 $557,230 $673,550 $837,091
NEWTON GA $435,278 $557,230 $673,550 $837,091
OCONEE GA $422,538 $540,936 $653,840 $812,581
OGLETHORPE GA $422,538 $540,936 $653,840 $812,581
PAULDING GA $435,278 $557,230 $673,550 $837,091
PICKENS GA $435,278 $557,230 $673,550 $837,091
PIKE GA $435,278 $557,230 $673,550 $837,091
ROCKDALE GA $435,278 $557,230 $673,550 $837,091
SPALDING GA $435,278 $557,230 $673,550 $837,091
WALTON GA $435,278 $557,230 $673,550 $837,091
           
HAWAII HI $440,586 $564,015 $681,766 $847,292
HONOLULU HI $690,075 $883,434 $1,067,839 $1,327,067
KALAWAO HI $764,391 $978,568 $1,182,867 $1,470,021
KAUAI HI $780,315 $998,970 $1,207,516 $1,500,624
MAUI HI $764,391 $978,568 $1,182,867 $1,470,021
           
ADA ID $475,621 $608,881 $736,003 $914,684
BLAINE ID $598,773 $766,514 $926,547 $1,151,479
BOISE ID $475,621 $608,881 $736,003 $914,684
BONNER ID $394,935 $505,578 $611,143 $759,498
CAMAS ID $598,773 $766,514 $926,547 $1,151,479
CANYON ID $475,621 $608,881 $736,003 $914,684
GEM ID $475,621 $608,881 $736,003 $914,684
KOOTENAI ID $445,895 $570,800 $689,983 $857,493
OWYHEE ID $475,621 $608,881 $736,003 $914,684
TETON ID $896,220 $1,147,555 $1,387,051 $1,723,826
           
JOHNSON KS $398,120 $509,640 $616,082 $765,637
LEAVENWORTH KS $398,120 $509,640 $616,082 $765,637
LINN KS $398,120 $509,640 $616,082 $765,637
MIAMI KS $398,120 $509,640 $616,082 $765,637
WYANDOTTE KS $398,120 $509,640 $616,082 $765,637
           
BARNSTABLE MA $573,293 $733,926 $887,127 $1,102,504
BRISTOL MA $546,752 $699,953 $846,046 $1,051,453
DUKES MA $896,220 $1,147,555 $1,387,051 $1,723,826
ESSEX MA $711,308 $910,622 $1,100,704 $1,367,918
MIDDLESEX MA $711,308 $910,622 $1,100,704 $1,367,918
NANTUCKET MA $896,220 $1,147,555 $1,387,051 $1,723,826
NORFOLK MA $711,308 $910,622 $1,100,704 $1,367,918
PLYMOUTH MA $711,308 $910,622 $1,100,704 $1,367,918
SUFFOLK MA $711,308 $910,622 $1,100,704 $1,367,918
           
ANNE ARUNDEL MD $538,258 $689,059 $832,937 $1,035,112
BALTIMORE MD $538,258 $689,059 $832,937 $1,035,112
BALTIMORE CITY MD $538,258 $689,059 $832,937 $1,035,112
CALVERT MD $896,220 $1,147,555 $1,387,051 $1,723,826
CARROLL MD $538,258 $689,059 $832,937 $1,035,112
CECIL MD $440,586 $564,015 $681,766 $847,292
CHARLES MD $896,220 $1,147,555 $1,387,051 $1,723,826
FREDERICK MD $896,220 $1,147,555 $1,387,051 $1,723,826
HARFORD MD $538,258 $689,059 $832,937 $1,035,112
HOWARD MD $538,258 $689,059 $832,937 $1,035,112
MONTGOMERY MD $896,220 $1,147,555 $1,387,051 $1,723,826
PRINCE GEORGE'S MD $896,220 $1,147,555 $1,387,051 $1,723,826
QUEEN ANNE'S MD $538,258 $689,059 $832,937 $1,035,112
TALBOT MD $398,120 $509,640 $616,082 $765,637
           
CUMBERLAND ME $427,846 $547,721 $662,056 $822,782
SAGADAHOC ME $427,846 $547,721 $662,056 $822,782
YORK ME $427,846 $547,721 $662,056 $822,782
           
ANOKA MN $414,045 $530,042 $640,685 $796,240
CARVER MN $414,045 $530,042 $640,685 $796,240
CHISAGO MN $414,045 $530,042 $640,685 $796,240
DAKOTA MN $414,045 $530,042 $640,685 $796,240
HENNEPIN MN $414,045 $530,042 $640,685 $796,240
ISANTI MN $414,045 $530,042 $640,685 $796,240
LE SUEUR MN $414,045 $530,042 $640,685 $796,240
MILLE LACS MN $414,045 $530,042 $640,685 $796,240
RAMSEY MN $414,045 $530,042 $640,685 $796,240
SCOTT MN $414,045 $530,042 $640,685 $796,240
SHERBURNE MN $414,045 $530,042 $640,685 $796,240
WASHINGTON MN $414,045 $530,042 $640,685 $796,240
WRIGHT MN $414,045 $530,042 $640,685 $796,240
           
BATES MO $398,120 $509,640 $616,082 $765,637
CALDWELL MO $398,120 $509,640 $616,082 $765,637
CASS MO $398,120 $509,640 $616,082 $765,637
CLAY MO $398,120 $509,640 $616,082 $765,637
CLINTON MO $398,120 $509,640 $616,082 $765,637
JACKSON MO $398,120 $509,640 $616,082 $765,637
LAFAYETTE MO $398,120 $509,640 $616,082 $765,637
PLATTE MO $398,120 $509,640 $616,082 $765,637
RAY MO $398,120 $509,640 $616,082 $765,637
           
FLATHEAD MT $407,675 $521,872 $630,853 $784,008
GALLATIN MT $557,368 $713,524 $862,478 $1,071,855
MISSOULA MT $435,278 $557,230 $673,550 $837,091
PARK MT $424,661 $543,613 $657,117 $816,642
RAVALLI MT $389,627 $498,793 $602,927 $749,297
           
CAMDEN NC $451,203 $577,632 $698,199 $867,694
CHATHAM NC $467,128 $597,988 $722,848 $898,344
CURRITUCK NC $451,203 $577,632 $698,199 $867,694
DARE NC $435,278 $557,230 $673,550 $837,091
DURHAM NC $467,128 $597,988 $722,848 $898,344
GATES NC $451,203 $577,632 $698,199 $867,694
GRANVILLE NC $467,128 $597,988 $722,848 $898,344
HYDE NC $445,895 $570,800 $689,983 $857,493
ORANGE NC $467,128 $597,988 $722,848 $898,344
PASQUOTANK NC $743,158 $951,380 $1,150,002 $1,429,171
PERQUIMANS NC $743,158 $951,380 $1,150,002 $1,429,171
PERSON NC $467,128 $597,988 $722,848 $898,344
           
LINCOLN NE $400,243 $512,363 $619,360 $769,699
LOGAN NE $400,243 $512,363 $619,360 $769,699
MCPHERSON NE $400,243 $512,363 $619,360 $769,699
           
HILLSBOROUGH NH $397,058 $508,301 $614,421 $763,560
ROCKINGHAM NH $711,308 $910,622 $1,100,704 $1,367,918
STRAFFORD NH $711,308 $910,622 $1,100,704 $1,367,918
           
BERGEN NJ $896,220 $1,147,555 $1,387,051 $1,723,826
BURLINGTON NJ $440,586 $564,015 $681,766 $847,292
CAMDEN NJ $440,586 $564,015 $681,766 $847,292
CAPE MAY NJ $452,264 $578,971 $699,861 $869,725
ESSEX NJ $896,220 $1,147,555 $1,387,051 $1,723,826
GLOUCESTER NJ $440,586 $564,015 $681,766 $847,292
HUDSON NJ $896,220 $1,147,555 $1,387,051 $1,723,826
HUNTERDON NJ $896,220 $1,147,555 $1,387,051 $1,723,826
MIDDLESEX NJ $896,220 $1,147,555 $1,387,051 $1,723,826
MONMOUTH NJ $896,220 $1,147,555 $1,387,051 $1,723,826
MORRIS NJ $896,220 $1,147,555 $1,387,051 $1,723,826
OCEAN NJ $896,220 $1,147,555 $1,387,051 $1,723,826
PASSAIC NJ $896,220 $1,147,555 $1,387,051 $1,723,826
SALEM NJ $440,586 $564,015 $681,766 $847,292
SOMERSET NJ $896,220 $1,147,555 $1,387,051 $1,723,826
SUSSEX NJ $896,220 $1,147,555 $1,387,051 $1,723,826
UNION NJ $896,220 $1,147,555 $1,387,051 $1,723,826
           
LOS ALAMOS NM $489,422 $626,560 $757,328 $941,225
SANTA FE NM $432,093 $553,168 $668,611 $830,952
TAOS NM $390,689 $500,131 $604,543 $751,328
           
CARSON CITY NV $414,045 $530,042 $640,685 $796,240
DOUGLAS NV $525,519 $672,765 $813,227 $1,010,602
STOREY NV $493,669 $631,961 $763,929 $949,349
WASHOE NV $493,669 $631,961 $763,929 $949,349
           
BRONX NY $896,220 $1,147,555 $1,387,051 $1,723,826
KINGS NY $896,220 $1,147,555 $1,387,051 $1,723,826
NASSAU NY $896,220 $1,147,555 $1,387,051 $1,723,826
NEW YORK NY $896,220 $1,147,555 $1,387,051 $1,723,826
PUTNAM NY $896,220 $1,147,555 $1,387,051 $1,723,826
QUEENS NY $896,220 $1,147,555 $1,387,051 $1,723,826
RICHMOND NY $896,220 $1,147,555 $1,387,051 $1,723,826
ROCKLAND NY $896,220 $1,147,555 $1,387,051 $1,723,826
SUFFOLK NY $896,220 $1,147,555 $1,387,051 $1,723,826
WESTCHESTER NY $896,220 $1,147,555 $1,387,051 $1,723,826
           
DELAWARE OH $405,552 $519,149 $627,576 $779,900
FAIRFIELD OH $405,552 $519,149 $627,576 $779,900
FRANKLIN OH $405,552 $519,149 $627,576 $779,900
HOCKING OH $405,552 $519,149 $627,576 $779,900
LICKING OH $405,552 $519,149 $627,576 $779,900
MADISON OH $405,552 $519,149 $627,576 $779,900
MORROW OH $405,552 $519,149 $627,576 $779,900
PERRY OH $405,552 $519,149 $627,576 $779,900
PICKAWAY OH $405,552 $519,149 $627,576 $779,900
UNION OH $405,552 $519,149 $627,576 $779,900
           
BENTON OR $445,895 $570,800 $689,983 $857,493
CLACKAMAS OR $552,060 $706,738 $854,262 $1,061,654
CLATSOP OR $403,428 $516,471 $624,252 $775,838
COLUMBIA OR $552,060 $706,738 $854,262 $1,061,654
DESCHUTES OR $525,519 $672,765 $813,227 $1,010,602
HOOD RIVER OR $553,122 $708,077 $855,924 $1,063,731
MULTNOMAH OR $552,060 $706,738 $854,262 $1,061,654
WASHINGTON OR $552,060 $706,738 $854,262 $1,061,654
YAMHILL OR $552,060 $706,738 $854,262 $1,061,654
           
BUCKS PA $440,586 $564,015 $681,766 $847,292
CHESTER PA $440,586 $564,015 $681,766 $847,292
DELAWARE PA $440,586 $564,015 $681,766 $847,292
MONTGOMERY PA $440,586 $564,015 $681,766 $847,292
PHILADELPHIA PA $440,586 $564,015 $681,766 $847,292
PIKE PA $896,220 $1,147,555 $1,387,051 $1,723,826
           
BRISTOL RI $546,752 $699,953 $846,046 $1,051,453
KENT RI $546,752 $699,953 $846,046 $1,051,453
NEWPORT RI $546,752 $699,953 $846,046 $1,051,453
PROVIDENCE RI $546,752 $699,953 $846,046 $1,051,453
WASHINGTON RI $546,752 $699,953 $846,046 $1,051,453
           
BERKELEY SC $437,401 $559,953 $676,827 $841,153
CHARLESTON SC $437,401 $559,953 $676,827 $841,153
DORCHESTER SC $437,401 $559,953 $676,827 $841,153
           
CANNON TN $641,239 $820,889 $992,277 $1,233,180
CHEATHAM TN $641,239 $820,889 $992,277 $1,233,180
DAVIDSON TN $641,239 $820,889 $992,277 $1,233,180
DICKSON TN $641,239 $820,889 $992,277 $1,233,180
MACON TN $641,239 $820,889 $992,277 $1,233,180
MAURY TN $641,239 $820,889 $992,277 $1,233,180
ROBERTSON TN $641,239 $820,889 $992,277 $1,233,180
RUTHERFORD TN $641,239 $820,889 $992,277 $1,233,180
SMITH TN $641,239 $820,889 $992,277 $1,233,180
SUMNER TN $641,239 $820,889 $992,277 $1,233,180
TROUSDALE TN $641,239 $820,889 $992,277 $1,233,180
WILLIAMSON TN $641,239 $820,889 $992,277 $1,233,180
WILSON TN $641,239 $820,889 $992,277 $1,233,180
           
ATASCOSA TX $415,107 $531,381 $642,347 $798,271
BANDERA TX $415,107 $531,381 $642,347 $798,271
BASTROP TX $445,895 $570,800 $689,983 $857,493
BEXAR TX $415,107 $531,381 $642,347 $798,271
CALDWELL TX $445,895 $570,800 $689,983 $857,493
COLLIN TX $416,168 $532,766 $644,008 $800,348
COMAL TX $415,107 $531,381 $642,347 $798,271
DALLAS TX $416,168 $532,766 $644,008 $800,348
DENTON TX $416,168 $532,766 $644,008 $800,348
ELLIS TX $416,168 $532,766 $644,008 $800,348
GUADALUPE TX $415,107 $531,381 $642,347 $798,271
HAYS TX $445,895 $570,800 $689,983 $857,493
HUNT TX $416,168 $532,766 $644,008 $800,348
JOHNSON TX $416,168 $532,766 $644,008 $800,348
KAUFMAN TX $416,168 $532,766 $644,008 $800,348
KENDALL TX $415,107 $531,381 $642,347 $798,271
MEDINA TX $415,107 $531,381 $642,347 $798,271
PARKER TX $416,168 $532,766 $644,008 $800,348
ROCKWALL TX $416,168 $532,766 $644,008 $800,348
TARRANT TX $416,168 $532,766 $644,008 $800,348
TRAVIS TX $445,895 $570,800 $689,983 $857,493
WILLIAMSON TX $445,895 $570,800 $689,983 $857,493
WILSON TX $415,107 $531,381 $642,347 $798,271
WISE TX $416,168 $532,766 $644,008 $800,348
           
BOX ELDER UT $596,649 $763,837 $923,269 $1,147,417
DAVIS UT $596,649 $763,837 $923,269 $1,147,417
JUAB UT $469,251 $600,711 $726,125 $902,406
MORGAN UT $596,649 $763,837 $923,269 $1,147,417
RICH UT $412,983 $528,704 $639,069 $794,209
SALT LAKE UT $483,052 $618,390 $747,497 $928,947
SUMMIT UT $896,220 $1,147,555 $1,387,051 $1,723,826
TOOELE UT $483,052 $618,390 $747,497 $928,947
UTAH UT $469,251 $600,711 $726,125 $902,406
WASATCH UT $896,220 $1,147,555 $1,387,051 $1,723,826
WASHINGTON UT $444,833 $569,462 $688,367 $855,462
WEBER UT $596,649 $763,837 $923,269 $1,147,417
           
ALBEMARLE VA $424,661 $543,613 $657,117 $816,642
ALEXANDRIA CITY VA $896,220 $1,147,555 $1,387,051 $1,723,826
AMELIA VA $494,731 $633,346 $765,545 $951,426
ARLINGTON VA $896,220 $1,147,555 $1,387,051 $1,723,826
CHARLES CITY VA $494,731 $633,346 $765,545 $951,426
CHARLOTTESVILLE VA $424,661 $543,613 $657,117 $816,642
CHESAPEAKE CITY VA $451,203 $577,632 $698,199 $867,694
CHESTERFIELD VA $494,731 $633,346 $765,545 $951,426
CLARKE VA $896,220 $1,147,555 $1,387,051 $1,723,826
COLONIAL HEIGHT VA $494,731 $633,346 $765,545 $951,426
CULPEPER VA $896,220 $1,147,555 $1,387,051 $1,723,826
DINWIDDIE VA $494,731 $633,346 $765,545 $951,426
FAIRFAX VA $896,220 $1,147,555 $1,387,051 $1,723,826
FAIRFAX CITY VA $896,220 $1,147,555 $1,387,051 $1,723,826
FALLS CHURCH CI VA $896,220 $1,147,555 $1,387,051 $1,723,826
FAUQUIER VA $896,220 $1,147,555 $1,387,051 $1,723,826
FLUVANNA VA $424,661 $543,613 $657,117 $816,642
FRANKLIN CITY VA $451,203 $577,632 $698,199 $867,694
FREDERICKSBURG VA $896,220 $1,147,555 $1,387,051 $1,723,826
GLOUCESTER VA $451,203 $577,632 $698,199 $867,694
GOOCHLAND VA $494,731 $633,346 $765,545 $951,426
GREENE VA $424,661 $543,613 $657,117 $816,642
HAMPTON CITY VA $451,203 $577,632 $698,199 $867,694
HANOVER VA $494,731 $633,346 $765,545 $951,426
HENRICO VA $494,731 $633,346 $765,545 $951,426
HOPEWELL CITY VA $494,731 $633,346 $765,545 $951,426
ISLE OF WIGHT VA $451,203 $577,632 $698,199 $867,694
JAMES CITY VA $451,203 $577,632 $698,199 $867,694
KING AND QUEEN VA $494,731 $633,346 $765,545 $951,426
KING WILLIAM VA $494,731 $633,346 $765,545 $951,426
LANCASTER VA $408,737 $523,257 $632,469 $786,039
LOUDOUN VA $896,220 $1,147,555 $1,387,051 $1,723,826
MADISON VA $896,220 $1,147,555 $1,387,051 $1,723,826
MANASSAS CITY VA $896,220 $1,147,555 $1,387,051 $1,723,826
MANASSAS PARK C VA $896,220 $1,147,555 $1,387,051 $1,723,826
MATHEWS VA $451,203 $577,632 $698,199 $867,694
NELSON VA $424,661 $543,613 $657,117 $816,642
NEW KENT VA $494,731 $633,346 $765,545 $951,426
NEWPORT NEWS CI VA $451,203 $577,632 $698,199 $867,694
NORFOLK CITY VA $451,203 $577,632 $698,199 $867,694
PETERSBURG CITY VA $494,731 $633,346 $765,545 $951,426
POQUOSON CITY VA $451,203 $577,632 $698,199 $867,694
PORTSMOUTH CITY VA $451,203 $577,632 $698,199 $867,694
POWHATAN VA $494,731 $633,346 $765,545 $951,426
PRINCE GEORGE VA $494,731 $633,346 $765,545 $951,426
PRINCE WILLIAM VA $896,220 $1,147,555 $1,387,051 $1,723,826
RAPPAHANNOCK VA $896,220 $1,147,555 $1,387,051 $1,723,826
RICHMOND CITY VA $494,731 $633,346 $765,545 $951,426
SOUTHAMPTON VA $451,203 $577,632 $698,199 $867,694
SPOTSYLVANIA VA $896,220 $1,147,555 $1,387,051 $1,723,826
STAFFORD VA $896,220 $1,147,555 $1,387,051 $1,723,826
SUFFOLK CITY VA $451,203 $577,632 $698,199 $867,694
SUSSEX VA $494,731 $633,346 $765,545 $951,426
VIRGINIA BEACH VA $451,203 $577,632 $698,199 $867,694
WARREN VA $896,220 $1,147,555 $1,387,051 $1,723,826
WILLIAMSBURG CI VA $451,203 $577,632 $698,199 $867,694
YORK VA $451,203 $577,632 $698,199 $867,694
           
CHITTENDEN VT $401,305 $513,748 $620,975 $771,730
FRANKLIN VT $401,305 $513,748 $620,975 $771,730
GRAND ISLE VT $401,305 $513,748 $620,975 $771,730
           
CLARK WA $552,060 $706,738 $854,262 $1,061,654
ISLAND WA $472,436 $604,819 $731,064 $908,545
KING WA $822,782 $1,053,299 $1,273,200 $1,582,279
KITSAP WA $459,696 $588,479 $711,354 $884,034
PIERCE WA $822,782 $1,053,299 $1,273,200 $1,582,279
SAN JUAN WA $459,696 $588,479 $711,354 $884,034
SKAGIT WA $437,401 $559,953 $676,827 $841,153
SKAMANIA WA $552,060 $706,738 $854,262 $1,061,654
SNOHOMISH WA $822,782 $1,053,299 $1,273,200 $1,582,279
THURSTON WA $440,586 $564,015 $681,766 $847,292
WHATCOM WA $474,559 $607,497 $734,341 $912,607
           
PIERCE WI $414,045 $530,042 $640,685 $796,240
ST. CROIX WI $414,045 $530,042 $640,685 $796,240
           
JEFFERSON WV $896,220 $1,147,555 $1,387,051 $1,723,826
           
SHERIDAN WY $452,264 $578,971 $699,861 $869,725
TETON WY $896,220 $1,147,555 $1,387,051 $1,723,826
           
GUAM GU $520,210 $665,980 $805,010 $1,000,401
           
NORTHERN ISLAND MP $484,114 $619,729 $749,112 $930,978
SAIPAN MP $488,361 $625,176 $755,713 $939,148
TINIAN MP $491,546 $629,284 $760,652 $945,287
           
CULEBRA PR $491,546 $629,284 $760,652 $945,287
           
ST. JOHN ISLAND VI $575,416 $736,649 $890,404 $1,106,566
ST. THOMAS ISLA VI $411,922 $527,319 $637,408 $792,178
           
All other areas - 2820 counties (floor):   $388,362 $497,269 $601,034 $746,989
 

.02 The nationwide average purchase price (for use in the housing cost/income ratio for new and existing residences) is $368,500.

SECTION 5. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2021-17 is obsolete except as provided in section 6 of this revenue procedure.

SECTION 6. EFFECTIVE DATES

.01 Issuers may rely on this revenue procedure to determine average area purchase price safe harbors for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on March 30, 2022, and ends on the date as of which the safe harbors contained in section 4.01 of this revenue procedure are rendered obsolete by a new revenue procedure.

.02 Notwithstanding section 5 of this revenue procedure, issuers may continue to rely on the average area purchase price safe harbors contained in Rev. Proc. 2021-17, with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before April 29, 2022, if the commitments to provide financing or issue mortgage credit certificates are made on or before May 29, 2022.

.03 Except as provided in section 6.04, issuers must use the nationwide average purchase price limitation contained in this revenue procedure for commitments to provide financing or issue mortgage credit certificates that are made, or (if the purchase precedes the commitment) for residences that are purchased, in the period that begins on March 30, 2022, and ends on the date when the nationwide average purchase price limitation is rendered obsolete by a new revenue procedure.

.04 Notwithstanding sections 5 and 6.03 of this revenue procedure, issuers may continue to rely on the nationwide average purchase price set forth in Rev. Proc. 2021-17 with respect to bonds sold, or for mortgage credit certificates issued with respect to bond authority exchanged, before April 29, 2022, if the commitments to provide financing or issue mortgage credit certificates are made on or before May 29, 2022.

SECTION 7. PAPERWORK REDUCTION ACT

The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1877.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

This revenue procedure contains a collection of information requirement in section 3.03. The purpose of the collection of information is to verify the applicable FHA loan limit that issuers of qualified mortgage bonds and qualified mortgage certificates have used to calculate the average area purchase price for a given metropolitan statistical area for purposes of §§ 143(e) and 25(c). The collection of information is required to obtain the benefit of using revisions to FHA loan limits to determine average area purchase prices. The likely respondents are state and local governments.

The estimated total annual reporting and/or recordkeeping burden is: 15 hours.

The estimated annual burden per respondent and/or recordkeeper: 15 minutes.

The estimated number of respondents and/or recordkeepers: 60.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

SECTION 8. DRAFTING INFORMATION

The principal authors of this revenue procedure are Jian H. Grant and David White of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure contact Mr. White at (202) 317-4562 (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.

Abbreviations

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

A—Individual.

Acq.—Acquiescence.

B—Individual.

BE—Beneficiary.

BK—Bank.

B.T.A.—Board of Tax Appeals.

C—Individual.

C.B.—Cumulative Bulletin.

CFR—Code of Federal Regulations.

CI—City.

COOP—Cooperative.

Ct.D.—Court Decision.

CY—County.

D—Decedent.

DC—Dummy Corporation.

DE—Donee.

Del. Order—Delegation Order.

DISC—Domestic International Sales Corporation.

DR—Donor.

E—Estate.

EE—Employee.

E.O.—Executive Order.

ER—Employer.

ERISA—Employee Retirement Income Security Act.

EX—Executor.

F—Fiduciary.

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.

GE—Grantee.

GP—General Partner.

GR—Grantor.

IC—Insurance Company.

I.R.B.—Internal Revenue Bulletin.

LE—Lessee.

LP—Limited Partner.

LR—Lessor.

M—Minor.

Nonacq.—Nonacquiescence.

O—Organization.

P—Parent Corporation.

PHC—Personal Holding Company.

PO—Possession of the U.S.

PR—Partner.

PRS—Partnership.

PTE—Prohibited Transaction Exemption.

Pub. L.—Public Law.

REIT—Real Estate Investment Trust.

Rev. Proc.—Revenue Procedure.

Rev. Rul.—Revenue Ruling.

S—Subsidiary.

S.P.R.—Statement of Procedural Rules.

Stat.—Statutes at Large.

T—Target Corporation.

T.C.—Tax Court.

T.D.—Treasury Decision.

TFE—Transferee.

TFR—Transferor.

T.I.R.—Technical Information Release.

TP—Taxpayer.

TR—Trust.

TT—Trustee.

U.S.C.—United States Code.

X—Corporation.

Y—Corporation.

Z—Corporation.

Numerical Finding List1

Numerical Finding List

Bulletin 2022–16

Announcements:

Article Issue Link Page
2022-3 2022-8 I.R.B. 2022-08 788
2022-4 2022-9 I.R.B. 2022-09 789
2022-5 2022-11 I.R.B. 2022-11 825
2022-6 2022-13 I.R.B. 2022-13 934
2022-7 2022-15 I.R.B. 2022-15 946
 

AOD:

Article Issue Link Page
2022-1 2022-06 I.R.B. 2022-06 466
2022-2 2022-12 I.R.B. 2022-12 903
 

Notices:

Article Issue Link Page
2022-1 2022-02 I.R.B. 2022-02 304
2022-2 2022-02 I.R.B. 2022-02 304
2022-3 2022-02 I.R.B. 2022-02 308
2022-4 2022-02 I.R.B. 2022-02 309
2022-5 2022-05 I.R.B. 2022-05 457
2022-6 2022-05 I.R.B. 2022-05 460
2022-7 2022-06 I.R.B. 2022-06 469
2022-8 2022-07 I.R.B. 2022-07 491
2022-9 2022-10 I.R.B. 2022-10 811
2022-10 2022-10 I.R.B. 2022-10 815
2022-12 2022-12 I.R.B. 2022-12 906
2022-11 2022-14 I.R.B. 2022-14 939
2022-13 2022-14 I.R.B. 2022-14 940
2022-14 2022-14 I.R.B. 2022-14 941
 

Proposed Regulations:

Article Issue Link Page
REG-118250-20 2022-07 I.R.B. 2022-07 753
REG-105954-20 2022-11 I.R.B. 2022-11 828
REG-114209-21 2022-11 I.R.B. 2022-11 898
REG-114209-21 2022-11 I.R.B. 2022-11 898
REG-121508-18 2022-15 I.R.B. 2022-15 996
 

Revenue Procedures:

Article Issue Link Page
2022-1 2022-01 I.R.B. 2022-01 1
2022-2 2022-01 I.R.B. 2022-01 120
2022-3 2022-01 I.R.B. 2022-01 144
2022-4 2022-01 I.R.B. 2022-01 161
2022-5 2022-01 I.R.B. 2022-01 256
2022-7 2022-01 I.R.B. 2022-01 297
2022-9 2022-02 I.R.B. 2022-02 310
2022-11 2022-03 I.R.B. 2022-03 449
2022-8 2022-04 I.R.B. 2022-04 451
2022-10 2022-06 I.R.B. 2022-06 473
2022-13 2022-06 I.R.B. 2022-06 477
2022-12 2022-07 I.R.B. 2022-07 494
2022-14 2022-07 I.R.B. 2022-07 502
2022-15 2022-13 I.R.B. 2022-13 908
2022-17 2022-13 I.R.B. 2022-13 930
2022-17 2022-13 I.R.B. 2022-13 933
 

Revenue Procedures:—Continued

Article Issue Link Page
2022-20 2022-14 I.R.B. 2022-14 945
2022-21 2022-16 I.R.B. 2022-16 1015
 

Revenue Rulings:

Article Issue Link Page
2022-1 2022-02 I.R.B. 2022-02 301
2022-2 2022-04 I.R.B. 2022-04 451
2022-3 2022-06 I.R.B. 2022-06 467
2022-4 2022-10 I.R.B. 2022-10 790
2022-5 2022-10 I.R.B. 2022-10 792
2022-6 2022-12 I.R.B. 2022-12 904
2022-7 2022-14 I.R.B. 2022-14 935
2022-8 2022-14 I.R.B. 2022-14 936
 

Treasury Decisions:

Article Issue Link Page
9959 2022-03 I.R.B. 2022-03 328
9961 2022-03 I.R.B. 2022-03 430
9960 2022-07 I.R.B. 2022-07 481
9962 2022-11 I.R.B. 2022-11 823
 

1 A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin 2020–52, dated December 27, 2021.

Finding List of Current Actions on Previously Published Items1

Bulletin 2022–16

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