Form 8328 - Carryforward Election Of Unused Private Activity Bond Volume Cap Page 2
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Form 8328 (Rev. 9-2011)
Page
General Instructions
5. Enterprise zone facility bonds taken into account under Regulations
section 1.1394-1(m)(3).
Section references are to the Internal Revenue Code unless otherwise
6. Tax-Exempt Economic Development Bonds for the District of
noted.
Columbia Enterprise Zone, section 1400A. Include any Tax-Exempt
Purpose of Form
Economic Development Bond carryforward on Line 10j.
• An election under section 142(k) may be made by the state for
Form 8328 is filed by the issuing authority of private activity bonds to
qualified public educational facility bonds.
elect to carry forward its unused volume cap for one or more
carryforward purposes (see section 146(f)). If the election is made,
Specific Instructions
bonds issued with respect to a specified carryforward purpose are not
subject to the volume cap under section 146(a) during the 3 calendar
Parts I and II of this form must be completed to properly elect the
years following the calendar year in which the carryforward arose, but
carryforward provisions under section 146(f).
only to the extent that the amount of such bonds does not exceed the
Parts I and III must be completed to properly elect the carryforward
amount of the carryforward elected for that purpose.
provisions under section 142(k).
Also, Form 8328 is used by a state to carry forward the unused
Part I. Reporting Authority
volume cap under section 142(k). A state may elect to carry forward an
Name. Enter the name of the state if filing under section 142(k). For all
unused limitation for any calendar year for 3 calendar years following the
others, enter the name of the entity issuing the bonds.
calendar year in which the unused limitation arose under rules similar to
Report number. This line is for IRS use only. Do not make an entry.
the rules of section 146(f). However, this election can only be made for
the issuance of qualified public educational facility bonds. For
Part II. Unused Volume Cap and Carryforward Under
definitions related to qualified public educational facilities, see section
Section 146(f)
142(k).
Computation of Unused Volume Cap
When To File
Line 1. Enter the issuing authority’s volume cap under section 146 for
Form 8328 must be filed by the earlier of: (1) February 15 of the
the current calendar year. Take into account any reduction in the
calendar year following the year in which the excess amount arises, or
amount of the volume cap under section 25(f) (relating to the reduction
(2) the date of issue of bonds issued pursuant to the carryforward
in the aggregate amount of qualified mortgage bonds where certain
election.
requirements are not met). See section 146(n)(2).
Once Form 8328 is filed, the issuer may not revoke the carryforward
Line 2. Enter the total amount of private activity bonds issued by the
election or amend the carryforward amounts shown on this form.
issuing authority during the current calendar year that are taken into
Errors on this form cannot be corrected through an amended filing.
account under section 146. See Bonds Taken Into Account Under
The issuer may file a Voluntary Closing Agreement Program (VCAP)
Section 146.
request to correct mathematical, typographical, and similar errors. See
Line 3. Enter the total amount of qualified mortgage bonds the issuing
Notice 2008-31, 2008-11 I.R.B. 592, and IRM 7.2.3 for more
authority has elected not to issue under section 25(c)(2)(A)(ii) during the
information about VCAP.
current calendar year, plus the reduction under section 25(f) for that
Where To File
calendar year. See section 146(n).
Line 4. Enter the total amount of volume cap allocated by the issuer
File Form 8328 with the Department of the Treasury, Internal Revenue
to the private activity portion of governmental bonds. See sections
Service Center, Ogden, UT 84201.
141(b)(5) and 146(m).
Bonds Taken Into Account Under
Purpose and Amount of Each Carryforward
Section 146
Enter the amount of unused volume cap the issuer elects to carry
All private activity tax-exempt bonds issued during a calendar year are
forward for each carryforward purpose and the total carryforward
taken into account under section 146 except:
amount.
1. Qualified veterans' mortgage bonds.
Part III. Unused Volume Cap and Carryforward Under
2. Qualified section 501(c)(3) bonds.
Section 142(k) (Qualifying Public Educational Facility
3. Exempt facility bonds for governmentally owned airports, docks
Bonds)
and wharves, and environmental enhancements of hydroelectric
generating facilities; also exempt facility bonds for qualified public
Complete lines 12 through 15 to compute the amount elected to carry
educational facilities, qualified green building and sustainable design
forward under section 142(k).
projects and qualified highway or surface freight transfer facilities.
Signature
4. 75% of any exempt facility bonds for privately owned high-speed
Form 8328 must be signed by an authorized public official responsible
intercity rail facilities; 100% if governmentally owned.
for carrying forward unused volume cap.
5. Exempt facilities bonds for governmentally owned solid waste
disposal facilities. See section 146(h).
Paperwork Reduction Act Notice. We ask for the information on this
6. Bonds issued pursuant to a carryforward election. See section
form to carry out the Internal Revenue laws of the United States. You
146(f)(3)(A).
are required to give us the information. We need it to ensure that you are
7. Certain current refundings. See section 146(i).
complying with these laws.
8. Certain bonds issued by Indian tribal governments for tribal
You are not required to provide the information requested on a form
manufacturing facilities. See section 7871(c)(3).
that is subject to the Paperwork Reduction Act unless the form displays
9. Tribal Economic Development Bonds, section 7871(f).
a valid OMB control number. Books or records relating to a form or its
10. Gulf Opportunity Zone bonds, Midwestern Disaster Area bonds,
instructions must be retained as long as their contents may become
Hurricane Ike Disaster Area bonds, section 1400N.
material in the administration of any Internal Revenue law. Generally, tax
11. New York Liberty Zone bonds, section 1400L.
returns and return information are confidential, as required by section
12. Enterprise Zone Facility bonds, section 1394(f).
6103.
Note. Enterprise Zone Facility bonds under section 1394(a)-(e) are
The time needed to complete and file this form will vary depending on
subject to section 146. See Line 10j of Form 8328.
individual circumstances. The estimated average time is:
In addition, the private activity portion of governmental bonds is
Recordkeeping
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7 hr., 24 min.
taken into account to the extent that the nonqualified amount exceeds
Learning about the law or the form .
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2 hr., 47 min.
$15 million. See sections 141(b)(5) and 146(m).
Preparing and sending
Bonds Eligible for Carryforward Elections
the form to the IRS .
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3 hr., 1 min.
• An election under section 146(f) may be made by the issuing authority
If you have comments concerning the accuracy of these time
for only the following types of tax-exempt bonds:
estimates or suggestions for making this form simpler, we would be
1. Qualified student loan bonds.
happy to hear from you. You can write to the Internal Revenue Service,
2. Qualified mortgage bonds (or mortgage credit certificates).
Tax Products Coordinating Committee, SE:W:CAR:MP:T:T:SP, 1111
3. Qualified redevelopment bonds.
Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the
4. Exempt facility bonds taken into account under section 142(a).
form to this address. Instead, see Where To File.
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