IRS Invites Comments on Form for Carryforward Of Unused Private Activity Bonds

Wednesday, March 10, 2004 - 1:45AM

The Internal Revenue Service (IRS) this week invited comments concerning Form 8328, Carryforward Election of Unused Private Activity Bond Volume Cap. Internal Revenue Code § 146(f)(3) provides that the unused amount of the private activity bonds for specific programs can be carried forward for three years depending on the type of project. In order to carry forward the unused amount of the private activity bond, an irrevocable election can be made by the issuing authority. Form 8328 allows the issuer to execute the carryforward election. There are no changes being made to the form at this time, but comments will be accepted on or before May 7, 2004.

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