Federal Carryforward Election of Unused Private Activity Bond Volume Cap

Carryforward Election of Unused Private Activity Bond Volume Cap
Form 8328 (Rev. August 2022)
8328

Form
(Rev. August 2022)
Department of the Treasury
Internal Revenue Service

Carryforward Election of Unused
Private Activity Bond Volume Cap

OMB No. 1545-0047

(Under Sections 146(f) and 142(k))
Go to www.irs.gov/Form8328 for the latest information.

Enter the calendar year for which the election is made:

Part I

Reporting Authority

State name for qualifying public educational facility bond or issuer’s name for all other bonds
Number, street (or P.O. box if mail is not delivered to street address)

Reporting Authority’s EIN
Room/suite

Report number (For IRS Use Only)

9
City or town, state, and ZIP code

Caution: Part II is only for section 146(f) filers. Part III is only for qualifying public educational facility bond filers.

Part II

Unused Volume Cap and Carryforward Under Section 146(f)

Computation of Unused Volume Cap
1
Total volume cap of the issuer for the calendar year . . . . . . . .
2
Aggregate amount of private activity bonds issued to date that are taken
into account under section 146. See instructions . . . . . . . .
3
Total amount of volume cap exchanged for authority to issue mortgage
credit certificates. See instructions . . . . . . . . . . . .
4
Total amount of volume cap allocated to private activity portion of
governmental bonds. See instructions . . . . . . . . . . .
5
Add lines 2 through 4 . . . . . . . . . . . . . . . . . .
6
Unused volume cap (subtract line 5 from line 1) . . . . . . . . .
Purpose and Amount of Each Carryforward
7
Qualified student loan bonds . . . . . . . . . . . . . . .
8
Qualified mortgage bonds or mortgage credit certificates . . . . . .
9
Qualified redevelopment bonds . . . . . . . . . . . . . .
10
Exempt facility bonds:
a Mass commuting facilities (section 142(a)(3)) . . . . . . . . . .
b Water furnishing facilities (section 142(a)(4))
. . . . . . . . . .
c Sewage facilities (section 142(a)(5)) . . . . . . . . . . . . .
d Solid waste disposal facilities (section 142(a)(6)) . . . . . . . . .
e Qualified residential rental projects (section 142(a)(7)) . . . . . . .
f Facilities for the local furnishing of electric energy or gas (section 142(a)(8))
g Local district heating or cooling facilities (section 142(a)(9)) . . . . .
h Qualified hazardous waste facilities (section 142(a)(10)) . . . . . . .
i High-speed intercity rail facilities (section 142(a)(11)) . . . . . . . .
j Qualified enterprise zone facility bonds (section 1394(a)–(e)) . . . . .
k Qualified broadband projects (section 142(a)(16)) . . . . . . . . .
l Qualified carbon dioxide capture facilities (section 142(a)(17)) . . . . .
11
Total carryforward amount (add lines 7 through 10l) (not to exceed line 6) .

Part III
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14
15

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10a
10b
10c
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10e
10f
10g
10h
10i
10j
10k
10l
11

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Unused Volume Cap and Carryforward Under Section 142(k) (Qualifying Public Educational Facility Bonds)

Total volume cap for the calendar year . . . . . . . . . . . .
Total amount of bonds issued under section 142(k) for the calendar year .
Unused volume cap available for carryforward (subtract line 13 from line 12)
Amount elected to carryforward (not to exceed line 14) . . . . . . .

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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and
belief, it is true, correct, and complete.

Signature of authorized public official

Date

Type or print name and title.

General Instructions

Purpose of Form

Section references are to the Internal Revenue Code unless otherwise
noted.

Form 8328 is filed by the issuing authority of private activity bonds to
elect to carry forward its unused volume cap for one or more
carryforward purposes (see section 146(f)). If the election is made,
bonds issued with respect to a specified carryforward purpose are not
subject to the volume cap under section 146(a) during the 3 calendar
years following the calendar year in which the carryforward arose, but
only to the extent that the amount of such bonds does not exceed the
amount of the carryforward elected for that purpose.

Future Developments
For the latest information about developments related to Form 8328 and
its instructions, such as legislation enacted after they were published,
go to www.irs.gov/Form8328.
For Paperwork Reduction Act Notice, see instructions on back.

Cat. No. 13900J

Form 8328 (Rev. 8-2022)

Page 2

Form 8328 (Rev. 8-2022)

Also, Form 8328 is used by a state to carry forward the unused
volume cap under section 142(k). A state may elect to carry forward an
unused limitation for any calendar year for 3 calendar years following the
calendar year in which the unused limitation arose under rules similar to
the rules of section 146(f). However, this election can only be made for
the issuance of qualified public educational facility bonds. For
definitions related to qualified public educational facilities, see section
142(k).

• An election under section 142(k) may be made by the state for
qualified public educational facility bonds.

When To File

Part I. Reporting Authority

Form 8328 must be filed by the earlier of: (1) February 15 of the
calendar year following the year in which the excess amount arises, or
(2) the date of issue of bonds issued pursuant to the carryforward
election.
Once Form 8328 is filed, the issuer may not revoke the carryforward
election or amend the carryforward amounts shown on this form.
Errors on this form cannot be corrected through an amended filing.
The issuer may file a Voluntary Closing Agreement Program (VCAP)
request to correct mathematical, typographical, and similar errors. See
Notice 2008-31, 2008-11 I.R.B. 592, and IRM 7.2.3 for more information
about VCAP.

Where To File
File Form 8328 with the Department of the Treasury, Internal Revenue
Service Center, Ogden, UT 84201.

Bonds Taken Into Account Under Section 146
All private activity tax-exempt bonds issued during a calendar year are
taken into account under section 146 except:
1. Qualified veterans’ mortgage bonds. See section 146(g).
2. Qualified section 501(c)(3) bonds. See section 146(g).
3. Exempt facility bonds for governmentally owned airports, docks
and wharves, and environmental enhancements of hydroelectric
generating facilities; also exempt facility bonds for qualified public
educational facilities, qualified green building and sustainable design
projects, and qualified highway or surface freight transfer facilities. See
section 146(g).
4. 75% of any exempt facility bonds for privately owned high-speed
intercity rail facilities; 100% if governmentally owned. See section
146(g).
5. 75% of any exempt facility bonds for privately owned qualified
broadband projects; 100% if governmentally owned. See section 146(g).
6. 75% of any exempt facility bonds for qualified carbon dioxide
capture facilities. See section 146(g).
7. Exempt facilities bonds for governmentally owned solid waste
disposal facilities. See section 146(h).
8. Bonds issued pursuant to a carryforward election. See section
146(f)(3)(A).
9. Certain current refundings. See section 146(i).
10. Certain bonds issued by Indian tribal governments for tribal
manufacturing facilities. See section 7871(c)(3).
11. Tribal Economic Development Bonds. See section 7871(f).
12. Gulf Opportunity Zone bonds, Midwestern Disaster Area bonds,
Hurricane Ike Disaster Area bonds. See section 1400N.
13. New York Liberty Zone bonds. See section 1400L.
14. Empowerment Zone Facility bonds. See section 1394(f).
Note: Enterprise Zone Facility bonds under section 1394(a)–(e) are
subject to section 146. See line 10j of Form 8328.
In addition, the private activity portion of governmental bonds is taken
into account to the extent that the nonqualified amount exceeds $15
million. See sections 141(b)(5) and 146(m).

Bonds Eligible for Carryforward Elections
• An election under section 146(f) may be made by the issuing authority
for only the following types of tax-exempt bonds.
1. Qualified student loan bonds.
2. Qualified mortgage bonds (or mortgage credit certificates).
3. Qualified redevelopment bonds.
4. Exempt facility bonds taken into account under section 142(a).
5. Enterprise zone facility bonds taken into account under Regulations
section 1.1394-1(m)(3).
6. Tax-Exempt Economic Development Bonds for the District of
Columbia Enterprise Zone, section 1400A. Include any Tax-Exempt
Economic Development Bond carryforward on line 10j.

Specific Instructions
Parts I and II of this form must be completed to properly elect the
carryforward provisions under section 146(f).
Parts I and III must be completed to properly elect the carryforward
provisions under section 142(k).
Name. Enter the name of the state if filing under section 142(k). For all
others, enter the name of the entity issuing the bonds.
Report number. This line is for IRS use only. Do not make an entry.

Part II. Unused Volume Cap and Carryforward Under
Section 146(f)
Computation of Unused Volume Cap
Line 1. Enter the issuing authority’s volume cap under section 146 for
the current calendar year. Take into account any reduction in the
amount of the volume cap under section 25(f) (relating to the reduction
in the aggregate amount of qualified mortgage bonds where certain
requirements are not met). See section 146(n)(2).
Line 2. Enter the total amount of private activity bonds issued by the
issuing authority during the current calendar year that are taken into
account under section 146. See Bonds Taken Into Account Under
Section 146.
Line 3. Enter the total amount of qualified mortgage bonds the issuing
authority has elected not to issue under section 25(c)(2)(A)(ii) during the
current calendar year, plus the reduction under section 25(f) for that
calendar year. See section 146(n).
Line 4. Enter the total amount of volume cap allocated by the issuer to
the private activity portion of governmental bonds. See sections
141(b)(5) and 146(m).

Purpose and Amount of Each Carryforward
Enter the amount of unused volume cap the issuer elects to
carryforward for each carryforward purpose and the total carryforward
amount.

Part III. Unused Volume Cap and Carryforward Under
Section 142(k) (Qualifying Public Educational Facility
Bonds)
Complete lines 12 through 15 to compute the amount elected to carry
forward under section 142(k).

Signature
Form 8328 must be signed by an authorized public official responsible
for carrying forward unused volume cap.
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