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Form 8328 (Rev. 7-2021) Page 2
1. Qualified student loan bonds.
General Instructions 2. Qualified mortgage bonds (or mortgage credit certificates).
Section references are to the Internal Revenue Code unless otherwise noted. 3. Qualified redevelopment bonds.
Future Developments 4. Exempt facility bonds taken into account under section 142(a).
For the latest information about developments related to Form 8328 and 5. Enterprise zone facility bonds taken into account under Regulations
its instructions, such as legislation enacted after they were published, section 1.1394-1(m)(3).
go to www.irs.gov/Form8328. 6. Tax-Exempt Economic Development Bonds for the District of
Columbia Enterprise Zone, section 1400A. Include any Tax-Exempt
Purpose of Form Economic Development Bond carryforward on Line 10j.
Form 8328 is filed by the issuing authority of private activity bonds to • An election under section 142(k) may be made by the state for
elect to carry forward its unused volume cap for one or more qualified public educational facility bonds.
carryforward purposes (see section 146(f)). If the election is made,
bonds issued with respect to a specified carryforward purpose are not Specific Instructions
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
volume cap under section 142(k). A state may elect to carry forward an Part I. Reporting Authority
unused limitation for any calendar year for 3 calendar years following the Name. Enter the name of the state if filing under section 142(k). For all
calendar year in which the unused limitation arose under rules similar to others, enter the name of the entity issuing the bonds.
the rules of section 146(f). However, this election can only be made for Report number. This line is for IRS use only. Do not make an entry.
the issuance of qualified public educational facility bonds. For
definitions related to qualified public educational facilities, see section Part II. Unused Volume Cap and Carryforward
142(k). Under Section 146(f)
When To File Computation of Unused Volume Cap
Form 8328 must be filed by the earlier of: (1) February 15 of the Line 1. Enter the issuing authority’s volume cap under section 146 for
calendar year following the year in which the excess amount arises, or the current calendar year. Take into account any reduction in the
(2) the date of issue of bonds issued pursuant to the carryforward amount of the volume cap under section 25(f) (relating to the reduction
election. in the aggregate amount of qualified mortgage bonds where certain
Once Form 8328 is filed, the issuer may not revoke the carryforward requirements are not met). See section 146(n)(2).
election or amend the carryforward amounts shown on this form. Line 2. Enter the total amount of private activity bonds issued by the
Errors on this form cannot be corrected through an amended filing. issuing authority during the current calendar year that are taken into
The issuer may file a Voluntary Closing Agreement Program (VCAP) account under section 146. See Bonds Taken Into Account Under
request to correct mathematical, typographical, and similar errors. See Section 146.
Notice 2008-31, 2008-11 I.R.B. 592, and IRM 7.2.3 for more information Line 3. Enter the total amount of qualified mortgage bonds the issuing
about VCAP. 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
Where To File calendar year. See section 146(n).
File Form 8328 with the Department of the Treasury, Internal Revenue Line 4. Enter the total amount of volume cap allocated by the issuer to
Service Center, Ogden, UT 84201. the private activity portion of governmental bonds. See sections 141(b)
(5) and 146(m).
Bonds Taken Into Account Under Section 146
All private activity tax-exempt bonds issued during a calendar year are Purpose and Amount of Each Carryforward
taken into account under section 146 except: Enter the amount of unused volume cap the issuer elects to carry
1. Qualified veterans’ mortgage bonds. forward for each carryforward purpose and the total carryforward
2. Qualified section 501(c)(3) bonds. amount.
3. Exempt facility bonds for governmentally owned airports, docks Part III. Unused Volume Cap and Carryforward
and wharves, and environmental enhancements of hydroelectric Under Section 142(k) (Qualifying Public
generating facilities; also exempt facility bonds for qualified public
educational facilities, qualified green building and sustainable design Educational Facility Bonds)
projects and qualified highway or surface freight transfer facilities. Complete lines 12 through 15 to compute the amount elected to carry
4. 75% of any exempt facility bonds for privately owned high-speed forward under section 142(k).
intercity rail facilities; 100% if governmentally owned. Signature
5. Exempt facilities bonds for governmentally owned solid waste Form 8328 must be signed by an authorized public official responsible
disposal facilities. See section 146(h). for carrying forward unused volume cap.
6. Bonds issued pursuant to a carryforward election. See section 146(f)(3)(A).
7. Certain current refundings. See section 146(i). Paperwork Reduction Act Notice. We ask for the information on this
8. Certain bonds issued by Indian tribal governments for tribal form to carry out the Internal Revenue laws of the United States. You
manufacturing facilities. See section 7871(c)(3). are required to give us the information. We need it to ensure that you are
9. Tribal Economic Development Bonds, section 7871(f). complying with these laws and to allow us to figure and collect the right
amount of tax. You are not required to provide the information
10. Gulf Opportunity Zone bonds, Midwestern Disaster Area bonds, requested on a form that is subject to the Paperwork Reduction Act
Hurricane Ike Disaster Area bonds, section 1400N. unless the form displays a valid OMB control number. Books or records
11. New York Liberty Zone bonds, section 1400L. relating to a form or its instructions must be retained as long as their
12. Enterprise Zone Facility bonds, section 1394(f). contents may become material in the administration of any Internal
Note: Enterprise Zone Facility bonds under section 1394(a)-(e) are Revenue law. Generally, tax returns and return information are
subject to section 146. See Line 10j of Form 8328. confidential, as required by section 6103. However, certain returns and
In addition, the private activity portion of governmental bonds is return information of tax exempt organizations and trusts are subject to
taken into account to the extent that the nonqualified amount exceeds public disclosure and inspection, as provided by section 6104. The time
$15 million. See sections 141(b)(5) and 146(m). needed to complete and file this form will vary depending on individual
circumstances. The estimated burden for tax exempt organizations filing
Bonds Eligible for Carryforward Elections this form is approved under OMB control number 1545-0047 and is
• An election under section 146(f) may be made by the issuing authority included in the estimates shown in the instructions for their information
for only the following types of tax-exempt bonds: return.
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