In this IRS update, we cover the 2025 state housing credit limits and valuation rules for non-commercial flights on employer aircraft using new SIFL rates. Learn what’s changed.
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INCOME TAX
Notice 2025-18, page 1416.
Resident populations of the 50 states, the District of Columbia, Puerto Rico, and the insular areas for purposes of determining the 2025 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.
Rev. Rul. 2025-9, page 1415.
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the Income Tax Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents per-mile rates and terminal charge in effect for the first half of 2025 are set forth.