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Form 8328: Carryforward Election of Unused Private Activity Bond Volume Cap
IRS Form 8328 is the Carryforward Election of Unused Private Activity Bond Volume Cap, filed by the issuing authority of private activity bonds (including states) to elect to carry forward unused volume cap. It must be filed by the earlier of February 15 of the following year or the bond issuance date.
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IRS Form 8328 - Carryforward Election of Unused Private Activity Bond Volume Cap
IRS Form 8328 is the Carryforward Election of Unused Private Activity Bond Volume Cap, filed by the issuing authority of private activity bonds (including states) to elect to carry forward unused volume cap. It must be filed by the earlier of February 15 of the following year or the bond issuance date.
Risk Radar
Scan points- 1Submitting the form with an incorrect carryforward amount, which cannot be amended, risks a permanent loss of the unused cap.
- 2Leaving the calendar year field blank, preventing the IRS from identifying the applicable tax year.
- 3Omitting the authorized official’s signature and date, which invalidates the perjury declaration.
- 4Reporting a carryforward amount that exceeds the calculated unused cap (line 11 or line 14), violating the ‘not to exceed’ limit.
- 5Filing after February 15 of the following year or after the bond issuance date, causing loss of the election.
Plain English
This form lets a state or other bond issuer tell the IRS it wants to save any unused portion of its private‑activity bond limit for future bond issues. You report the total cap, what was used, and the amount you wish to carry forward, then sign under penalty of perjury.
Submission Date
- Filing date: 2022-09-01 22:10:15
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when the issuing authority of private activity bonds or a state wishes to elect to carry forward unused volume cap for qualified purposes.
- Do not use it when the bonds are exempt from section 146, such as qualified veterans’ mortgage bonds, qualified 501(c)(3) bonds, or exempt facility bonds.
- Check Form 8328 instead when the filing is for a different purpose not covered by this election.
Form selector
Use this form or another form?
Electing to carry forward unused volume cap for private activity bonds
Required to document the election and prevent volume cap limitation for the next 3 years
✓ Verify election purpose and amount
State carrying forward unused volume cap for qualified public educational facility bonds
Allows the state to use the cap for educational bonds under section 142(k)
✓ Confirm state eligibility and bond type
Amending a previously filed carryforward election
Election cannot be revoked or amended once filed
✓ Ensure no changes are needed before signing
Deadline or filing window
When an issuer’s volume cap exceeds the amount used in a calendar year, the excess creates a carryforward opportunity. The election must be filed by the earlier of February 15 of the next calendar year or the issuance date of the bonds that will use the carryforward. No extension is provided; filing after this date leaves the excess unusable.
Checklist
What you need before filling it out
Calendar year for election
Year of excess volume cap · Part I of Form 8328
Reporting Authority EIN
Employer Identification Number · Part I of Form 8328
Signature of authorized public official
Signature and printed name/title · Signature block on Form 8328
Unused volume cap (line 6)
Computation of lines 1‑5 totals · Part II of Form 8328
Purpose and amount of each carryforward
Details of qualified student loan, mortgage, redevelopment bonds · Part II lines 7‑9
Before you submit
- 1Enter the calendar year in the designated field.
- 2Enter the reporting authority’s EIN accurately.
- 3Complete the unused volume cap computation lines 1‑6.
- 4Specify the purpose and amount for each carryforward on lines 7‑9.
- 5Sign the form as an authorized public official.
- 6Date the signature.
- 7Mail the completed form to the IRS Center in Ogden, UT 84201.
- 8Retain a copy for your records.
- 9Verify the revision date reads August 2022.
- 10Confirm the filing deadline is met.
How to file this form
- 1Calculate unused volume cap using lines 1‑5 and determine line 6.
- 2Complete Part I with authority name, EIN, and address.
- 3Fill Part II with unused cap and carryforward purposes.
- 4Sign and date the form as an authorized public official.
- 5Mail the form to the IRS Center, Ogden, UT 84201.
- 6Obtain a mailing receipt as proof of filing.
Known limitations
- 1Form 8328 does not apply to qualified veterans’ mortgage bonds.
- 2Form 8328 does not apply to qualified section 501(c)(3) bonds.
- 3Form 8328 does not apply to exempt facility bonds for governmentally owned airports, docks, wharves, and environmental enhancements of hydroelectric generating facilities.
- 4Part II of Form 8328 is only for filers using section 146(f).
- 5Part III of Form 8328 is only for qualifying public educational facility bond filers.
- 6Election under section 142(k) can be made only for the issuance of qualified public educational facility bonds.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->The form is the August 2022 revision; the PDF includes a link to www.irs.gov/Form8328 for the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads August 2022
- Fee — Not stated in the official source
- Mailing address — confirm filing address is Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201
- Signature — confirm an authorized public official signature is present
- Deadline — confirm filing must be by the earlier of February 15 of the following year or the bond issuance date
Quick Facts
Downloads
After you file
- 1Retain a copy of Form 8328 and related records for as long as the contents may become material in the administration of any Internal Revenue law.
- 2The issuer may not revoke the carryforward election after filing Form 8328.
- 3The issuer may not amend the carryforward amounts shown on Form 8328 after filing.
- 4Errors cannot be corrected through an amended filing; instead, file a Voluntary Closing Agreement Program (VCAP) request.
- 5Use a VCAP request to correct mathematical, typographical, and similar errors.
- 6Keep the signed Form 8328 in the issuer’s records.
Sources
- SRCForm p.1 — purpose of Form 8328 is filed by the issuing authority of private activity bonds to elect to carry forward its unused volume cap.
- SRCForm p.2 — filing deadline is the earlier of February 15 of the following calendar year or the date of issue of bonds issued pursuant to the carryforward election.
- SRCForm p.2 — Form 8328 is used by a state to carry forward the unused volume cap under section 142(k).
- SRCForm p.2 — election can only be made for the issuance of qualified public educational facility bonds.
- SRCForm p.2 — Part II is only for section 146(f) filers.
- SRCForm p.2 — Part III is only for qualifying public educational facility bond filers.
- SRCForm p.2 — bonds excluded from section 146: qualified veterans’ mortgage bonds, qualified section 501(c)(3) bonds, exempt facility bonds for governmentally owned airports, docks and wharves, and environmental enhancements of hydroelectric generating facilities.
- SRCForm p.2 — errors cannot be corrected through an amended filing; a VCAP request may be filed to correct mathematical, typographical, and similar errors.
- SRCForm p.2 — once Form 8328 is filed, the issuer may not revoke the carryforward election or amend the carryforward amounts.
- SRCForm p.2 — records relating to the form must be retained as long as their contents may become material in the administration of any Internal Revenue law.
Common confusion points
Do I need to file Form 8328 for a qualified veterans’ mortgage bond?
The bond type is listed among exceptions to section 146, leading filers to think all private activity bonds require the form.
→ Verify the bond is not a qualified veterans’ mortgage bond before filing.
Can I use Part II of Form 8328 for a state public educational facility bond?
Part II is limited to filers under section 146(f), while public educational facility bonds fall under section 142(k).
→ Confirm the filing is under section 146(f) before completing Part II.
Is the filing deadline February 15 or the bond issuance date?
The form states two possible deadlines, causing uncertainty which applies.
→ Check which occurs earlier and use that as the filing deadline.
Can I amend the carryforward amounts after filing?
The form mentions that amendments are not allowed, but some filers assume they can file an amended return.
→ Recognize that amendments are prohibited; use a VCAP request for corrections.
Do I need to file Form 8328 for exempt facility bonds for airports?
Exempt facility bonds are excluded from section 146, leading to confusion about applicability.
→ Confirm the bond is not an exempt facility bond for airports, docks, wharves, or hydroelectric enhancements.
Is a VCAP request a new Form 8328 filing?
Filers may think they must submit a revised Form 8328, but the source says VCAP is a separate request.
→ Submit a VCAP request, not a revised Form 8328, to correct errors.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 8328 – cannot be amended; errors require a Voluntary Closing Agreement Program (VCAP) request.
Questions about IRS Form 8328
What is IRS Form 8328 used for?
This form lets a state or other bond issuer tell the IRS it wants to save any unused portion of its private‑activity bond limit for future bond issues. You report the total cap, what was used, and the amount you wish to carry forward, then sign under penalty of perjury.
Who must file IRS Form 8328?
The issuing authority of private activity bonds—typically a state or other governmental entity that issued the bonds—must file IRS Form 8328.
What information does IRS Form 8328 require?
The form collects the calendar year, the issuer’s identifying information, calculations of total volume cap, bonds issued, and the amount of unused cap to be carried forward (see lines 1‑11, 12‑15), and requires the authorized official’s signature.
When is IRS Form 8328 due?
It is due the earlier of February 15 of the calendar year after the excess arises or the date the bonds covered by the election are issued.
Where do I file IRS Form 8328?
File Form 8328 with the Internal Revenue Service Center in Ogden, Utah, ZIP 84201.
How do I complete IRS Form 8328?
Enter the calendar year on the top, then complete Part I with the issuer’s name, EIN and address. Compute the unused volume cap in Part II (or Part III for qualifying public‑educational facility bonds) using the line instructions, and total the carryforward amount. Sign and date the form under penalties of perjury. Submit the completed form to the IRS center indicated.
What happens if IRS Form 8328 is filed incorrectly?
If the form is filed with false information, the signer is subject to penalties of perjury, and the election cannot be revoked or amended once submitted.
Do I need to file Form 8328 for a qualified veterans’ mortgage bond?
The bond type is listed among exceptions to section 146, leading filers to think all private activity bonds require the form. Verify the bond is not a qualified veterans’ mortgage bond before filing.
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