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adjusted gross income of $237,880 or more. (See section 3.03 of this revenue procedure for the adjusted items relating to the adoption credit.) .19 Private Activity Bonds Volume Cap. For calendar year 2014, the amounts used under § 146(d)(1) to calculate the State ceiling for the volume cap for private activity bonds is the greater of (1) $100 multiplied by the State population, or (2) $296,825,000. .20 Loan Limits on Agricultural Bonds. For calendar year 2014, the loan limit amount on agricultural bonds under § 147(c)(2)(A) for first-time farmers is $509,600. .21 General Arbitrage Rebate Rules. For bond years ending in 2014, the amount of the computation credit determined under the permission to rely on § 1.148-3(d)(4) of the proposed Income Tax Regulations is $1,620. .22 Safe Harbor Rules for Broker Commissions on Guaranteed Investment Contracts or Investments Purchased for a Yield Restricted Defeasance Escrow. For calendar year 2014, under § 1.148-5(e)(2)(iii)(B)(1), a broker’s commission or similar fee for the acquisition of a guaranteed investment contract or investments purchased for a yield restricted defeasance escrow is reasonable if (1) the amount of the fee that the issuer treats as a qualified administrative cost does not exceed the lesser of (A) $38,000, and (B) 0.2 percent of the computational base (as defined in § 1.148-5(e)(2)(iii)(B)(2)) or, if more, $4,000; and (2) the issuer does not treat more than $108,000 in brokers’ commissions or similar fees as qualified administrative costs for all guaranteed investment contracts and investments for yield restricted defeasance escrows purchased with gross proceeds of the issue. .23 Personal Exemption.

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adjusted gross income of $237,880 or more. (See section 3.03 of this revenue procedure for the adjusted items relating to the adoption credit.) .19 Private Activity Bonds Volume Cap. For calendar year 2014, the amounts used under § 146(d)(1) to calculate the State ceiling for the volume cap for private activity bonds is the greater of (1) $100 multiplied by the State population, or (2) $296,825,000. .20 Loan Limits on Agricultural Bonds. For calendar year 2014, the loan limit amount on agricultural bonds under § 147(c)(2)(A) for first-time farmers is $509,600. .21 General Arbitrage Rebate Rules. For bond years ending in 2014, the amount of the computation credit determined under the permission to rely on § 1.148-3(d)(4) of the proposed Income Tax Regulations is $1,620. .22 Safe Harbor Rules for Broker Commissions on Guaranteed Investment Contracts or Investments Purchased for a Yield Restricted Defeasance Escrow. For calendar year 2014, under § 1.148-5(e)(2)(iii)(B)(1), a broker’s commission or similar fee for the acquisition of a guaranteed investment contract or investments purchased for a yield restricted defeasance escrow is reasonable if (1) the amount of the fee that the issuer treats as a qualified administrative cost does not exceed the lesser of (A) $38,000, and (B) 0.2 percent of the computational base (as defined in § 1.148-5(e)(2)(iii)(B)(2)) or, if more, $4,000; and (2) the issuer does not treat more than $108,000 in brokers’ commissions or similar fees as qualified administrative costs for all guaranteed investment contracts and investments for yield restricted defeasance escrows purchased with gross proceeds of the issue. .23 Personal Exemption.