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Form 8328 (Rev. 8-2022) Page 2
Also, Form 8328 is used by a state to carry forward the unused • An election under section 142(k) may be made by the state for
volume cap under section 142(k). A state may elect to carry forward an qualified public educational facility bonds.
unused limitation for any calendar year for 3 calendar years following the
calendar year in which the unused limitation arose under rules similar to Specific Instructions
the rules of section 146(f). However, this election can only be made for Parts I and II of this form must be completed to properly elect the
the issuance of qualified public educational facility bonds. For carryforward provisions under section 146(f).
definitions related to qualified public educational facilities, see section Parts I and III must be completed to properly elect the carryforward
142(k). provisions under section 142(k).
When To File Part I. Reporting Authority
Form 8328 must be filed by the earlier of: (1 ) February 15 of the Name. Enter the name of the state if filing under section 142(k). For all
calendar year following the year in which the excess amount arises, or others, enter the name of the entity issuing the bonds.
(2) the date of issue of bonds issued pursuant to the carryforward Report number. This line is for IRS use only. Do not make an entry.
election.
Once Form 8328 is filed, the issuer may not revoke the carryforward Part II. Unused Volume Cap and Carryforward Under
election or amend the carryforward amounts shown on this form. Section 146(f)
Errors on this form cannot be corrected through an amended filing.
The issuer may file a Voluntary Closing Agreement Program (VCAP) Computation of Unused Volume Cap
request to correct mathematical, typographical, and similar errors. See Line 1. Enter the issuing authority’s volume cap under section 146 for
Notice 2008-31, 2008-11 I.R.B. 592, and IRM 7.2.3 for more information the current calendar year. Take into account any reduction in the
about VCAP. amount of the volume cap under section 25(f) (relating to the reduction
in the aggregate amount of qualified mortgage bonds where certain
Where To File requirements are not met). See section 146(n)(2).
File Form 8328 with the Department of the Treasury, Internal Revenue Line 2. Enter the total amount of private activity bonds issued by the
Service Center, Ogden, UT 84201. issuing authority during the current calendar year that are taken into
account under section 146. See Bonds Taken Into Account Under
Bonds Taken Into Account Under Section 146 Section 146.
All private activity tax-exempt bonds issued during a calendar year are Line 3. Enter the total amount of qualified mortgage bonds the issuing
taken into account under section 146 except : authority has elected not to issue under section 25(c)(2)(A)(ii) during the
1. Qualified veterans’ mortgage bonds. See section 146(g). current calendar year, plus the reduction under section 25(f) for that
2. Qualified section 501(c)(3) bonds. See section 146(g). calendar year. See section 146(n).
3. Exempt facility bonds for governmentally owned airports, docks Line 4. Enter the total amount of volume cap allocated by the issuer to
and wharves, and environmental enhancements of hydroelectric the private activity portion of governmental bonds. See sections
generating facilities; also exempt facility bonds for qualified public 141(b)(5) and 146(m).
educational facilities, qualified green building and sustainable design
projects, and qualified highway or surface freight transfer facilities. See Purpose and Amount of Each Carryforward
section 146(g). Enter the amount of unused volume cap the issuer elects to
4. 75% of any exempt facility bonds for privately owned high-speed carryforward for each carryforward purpose and the total carryforward
intercity rail facilities; 100% if governmentally owned. See section amount.
146(g). Part III. Unused Volume Cap and Carryforward Under
5. 75% of any exempt facility bonds for privately owned qualified Section 142(k) (Qualifying Public Educational Facility
broadband projects; 100% if governmentally owned. See section 146(g). Bonds)
6. 75% of any exempt facility bonds for qualified carbon dioxide Complete lines 12 through 15 to compute the amount elected to carry
capture facilities. See section 146(g). forward under section 142(k).
7. Exempt facilities bonds for governmentally owned solid waste
disposal facilities. See section 146(h). Signature
8. Bonds issued pursuant to a carryforward election. See section Form 8328 must be signed by an authorized public official responsible
146(f)(3)(A). for carrying forward unused volume cap.
9. Certain current refundings. See section 146(i).
10. Certain bonds issued by Indian tribal governments for tribal Paperwork Reduction Act Notice. We ask for the information on this
manufacturing facilities. See section 7871(c)(3). form to carry out the Internal Revenue laws of the United States. You
11. Tribal Economic Development Bonds. See section 7871(f). are required to give us the information. We need it to ensure that you are
complying with these laws and to allow us to figure and collect the right
12. Gulf Opportunity Zone bonds, Midwestern Disaster Area bonds, amount of tax. You are not required to provide the information
Hurricane Ike Disaster Area bonds. See section 1400N. requested on a form that is subject to the Paperwork Reduction Act
13. New York Liberty Zone bonds. See section 1400L. unless the form displays a valid OMB control number. Books or records
14. Empowerment Zone Facility bonds. See section 1394(f). relating to a form or its instructions must be retained as long as their
Note: Enterprise Zone Facility bonds under section 1394(a)–(e) are contents may become material in the administration of any Internal
subject to section 146. See line 10j of Form 8328. Revenue law. Generally, tax returns and return information are
In addition, the private activity portion of governmental bonds is taken confidential, as required by section 6103. However, certain returns and
into account to the extent that the nonqualified amount exceeds $15 return information of tax-exempt organizations and trusts are subject to
million. See sections 141(b)(5) and 146(m). public disclosure and inspection, as provided by section 6104. The time
needed to complete and file this form will vary depending on individual
Bonds Eligible for Carryforward Elections circumstances. The estimated burden for tax-exempt organizations filing
• An election under section 146(f) may be made by the issuing authority this form is approved under OMB control number 1545-0047 and is
for only the following types of tax-exempt bonds. included in the estimates shown in the instructions for their information
1. Qualified student loan bonds. return.
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.
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