Volume cap by state
Every state’s private activity bond allocation for the year — the ceiling on most tax-exempt industrial, housing and exempt-facility bonds — with population, per-resident amounts and the local market behind each.
Key takeaways
- $49.8B of private activity bond authority across the 50 states and the District of Columbia this year.
- 16 states receive the small-state minimum, which gives them the highest allocation per resident — led by Wyoming, Vermont, District of Columbia.
- The five largest allocations — California, Texas, Florida, New York, Pennsylvania — account for 35% of the national total.
- Allocation is each state’s decision. States divide cap by statute or agency rules — set-asides for housing, manufacturing or student loans, application rounds, or first come first served — and unused cap can be carried forward for up to three years for a stated purpose (IRC §146(f)).
How volume cap works
Section 146 of the Internal Revenue Code limits the private activity bonds each state can issue in a calendar year. The IRS publishes an inflation-adjusted amount per resident and a minimum for less populous states; the state’s allocation is the greater of the two. Small-issue manufacturing bonds, most exempt-facility bonds, qualified mortgage bonds and student loan bonds draw on it; 501(c)(3) bonds and governmentally owned airports and docks do not.
Because cap is finite, timing matters. Many states open allocation rounds early in the year, reserve portions for particular uses until a mid-year date, then release the remainder. An inducement resolution and a complete application are usually prerequisites.
| State | Volume cap | Population | Per resident | Basis | Issuers | Banks | Published status |
|---|---|---|---|---|---|---|---|
| California | $5.3B | 39.36M | $135 | Per resident | 247 | 60 | as of September 14, 2026 |
| Texas | $4.3B | 31.71M | $135 | Per resident | 79 | 278 | as of October 20, 2026 |
| Florida | $3.2B | 23.46M | $135 | Per resident | 232 | 48 | read October 28, 2026 |
| New York | $2.7B | 20.00M | $135 | Per resident | 119 | 69 | — |
| Pennsylvania | $1.8B | 13.06M | $135 | Per resident | 250 | 87 | as of June 30, 2026 |
| Illinois | $1.7B | 12.72M | $135 | Per resident | 31 | 282 | — |
| Ohio | $1.6B | 11.90M | $135 | Per resident | 55 | 128 | — |
| Georgia | $1.5B | 11.30M | $135 | Per resident | 9 | 100 | — |
| North Carolina | $1.5B | 11.20M | $135 | Per resident | 23 | 30 | — |
| Michigan | $1.4B | 10.13M | $135 | Per resident | 10 | 60 | — |
| New Jersey | $1.3B | 9.55M | $135 | Per resident | 206 | 28 | — |
| Virginia | $1.2B | 8.88M | $135 | Per resident | 80 | 50 | as of July 1, 2026 |
| Washington | $1.1B | 8.00M | $135 | Per resident | 40 | 20 | as of June 8, 2026 |
| Arizona | $1.0B | 7.62M | $135 | Per resident | 337 | 6 | — |
| Tennessee | $987.5M | 7.32M | $135 | Per resident | 15 | 93 | — |
| Massachusetts | $965.8M | 7.15M | $135 | Per resident | 167 | 68 | — |
| Indiana | $941.4M | 6.97M | $135 | Per resident | 46 | 80 | — |
| Missouri | $846.5M | 6.27M | $135 | Per resident | 62 | 171 | — |
| Maryland | $845.8M | 6.27M | $135 | Per resident | 134 | 20 | — |
| Colorado | $811.7M | 6.01M | $135 | Per resident | 2 | 44 | — |
| Wisconsin | $806.3M | 5.97M | $135 | Per resident | 305 | 142 | — |
| Minnesota | $787.1M | 5.83M | $135 | Per resident | 31 | 184 | — |
| South Carolina | $752.0M | 5.57M | $135 | Per resident | 169 | 38 | — |
| Alabama | $701.1M | 5.19M | $135 | Per resident | 22 | 86 | — |
| Louisiana | $623.5M | 4.62M | $135 | Per resident | 15 | 92 | — |
| Kentucky | $621.9M | 4.61M | $135 | Per resident | 87 | 99 | — |
| Oregon | $576.9M | 4.27M | $135 | Per resident | 5 | 8 | as of January 1, 2026 |
| Oklahoma | $556.6M | 4.12M | $135 | Per resident | 70 | 145 | — |
| Connecticut | $497.9M | 3.69M | $135 | Per resident | 4 | 19 | — |
| Utah | $477.8M | 3.54M | $135 | Per resident | 2 | 33 | read October 28, 2026 |
| Nevada | $443.1M | 3.28M | $135 | Per resident | 30 | 6 | — |
| Iowa | $437.2M | 3.24M | $135 | Per resident | 6 | 218 | — |
| Arkansas | $420.5M | 3.11M | $135 | Per resident | 87 | 74 | — |
| Kansas | $401.9M | 2.98M | $135 | Per resident | 87 | 155 | — |
| Mississippi | $398.8M | 2.95M | $135 | Per resident | 11 | 54 | — |
| Alaska | $397.6M | 0.74M | $537 | Minimum | 21 | 4 | — |
| District of Columbia | $397.6M | 0.69M | $576 | Minimum | 0 | 4 | — |
| Delaware | $397.6M | 1.06M | $375 | Minimum | 62 | 5 | — |
| Hawaii | $397.6M | 1.43M | $278 | Minimum | 4 | 4 | — |
| Idaho | $397.6M | 2.03M | $196 | Minimum | 8 | 6 | — |
| Maine | $397.6M | 1.41M | $282 | Minimum | 5 | 15 | — |
| Montana | $397.6M | 1.14M | $349 | Minimum | 2 | 29 | — |
| North Dakota | $397.6M | 0.80M | $497 | Minimum | 9 | 52 | — |
| Nebraska | $397.6M | 2.02M | $197 | Minimum | 0 | 125 | — |
| New Hampshire | $397.6M | 1.42M | $280 | Minimum | 5 | 10 | — |
| New Mexico | $397.6M | 2.13M | $187 | Minimum | 7 | 25 | — |
| Rhode Island | $397.6M | 1.11M | $358 | Minimum | 5 | 5 | — |
| South Dakota | $397.6M | 0.94M | $423 | Minimum | 2 | 53 | — |
| Vermont | $397.6M | 0.64M | $621 | Minimum | 15 | 8 | — |
| West Virginia | $397.6M | 1.77M | $225 | Minimum | 46 | 37 | — |
| Wyoming | $397.6M | 0.59M | $674 | Minimum | 4 | 20 | — |
Methodology
Allocations apply the IRS per-resident amount and small-state minimum for the year to Census population estimates. They show the statutory ceiling, not cap remaining; states publish allocation status separately — the last column links each status report we could verify, with the date printed on it. See also the state calendar and the state comparison.
Important information. Securitief Research is published by Securitief, operated by Applied America. Securitief is not a placement agent or underwriter and does not seek or receive compensation from any financing, including financings of issuers and borrowers discussed here. It is not acting as a municipal advisor and owes no fiduciary duty to any issuer or obligated person unless separately engaged in writing.
This material is general information. It is not tax, legal, investment or municipal advice, a recommendation, or an offer to sell or a solicitation of an offer to buy any security. Offers are made only by offering documents and only where permitted by state securities laws. State allocation procedures change; confirm current rules with the allocating agency and bond counsel.
Sources: SEC Form N-PORT and FDIC call reports (holdings), IRS and Census (volume cap and population), state agency publications. Issuer classification and aggregation are Securitief’s own and may contain matching errors; figures may be revised. No licensed index levels (MMD, BVAL, ICE) or EMMA trade data are used. Past holdings do not indicate future demand, pricing or the availability of financing. Interest on private activity bonds may be subject to the alternative minimum tax; tax treatment depends on the facts and the opinion of bond counsel.