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Form 8328: Carryforward Election of Unused Private Activity Bond Volume Cap
IRS Form 8328 is used to elect to carry forward unused private activity bond volume caps for the issuing authority of bonds under Sections 146(f) or a state carrying forward under Section 142(k). The filing deadline must be February 15 of the following year.
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IRS Form 8328 - Carryforward Election of Unused Private Activity Bond Volume Cap
IRS Form 8328 is used to elect to carry forward unused private activity bond volume caps for the issuing authority of bonds under Sections 146(f) or a state carrying forward under Section 142(k). The filing deadline must be February 15 of the following year.
Risk Radar
Scan points- 1Failing to meet the filing deadline means forfeiting the ability to carry forward the unused volume cap for that year.
- 2Filing without entering the correct calendar year for which the election is made in Part I.
- 3Forgetting to specify if the bond is a qualifying public educational facility bond when filing under Section 142(k).
- 4Not correctly calculating Line 14 (Unused volume cap available for carryforward) in Part III.
- 5Filing under Section 146(f) but omitting required details like Qualified broadband projects on line 10j.
Plain English
This form allows an entity that issues tax-exempt private activity bonds to save unused capacity for future bond issuances. If they use up all their allowed volume cap in one year, this election lets them carry over the leftover amount for a set number of years. This applies both to general issuers and state governments.
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 an issuer of private activity bonds elects to carry forward unused volume cap under Section 146(f), or a state elects to carry forward unused limitation under Section 142(k) for qualified public educational facility bonds.
- Do not use this form when the bond is issued by a qualifying public educational facility and you are electing carryforward under Section 146(f) (use Part II only), or if the issuer is *not* making an election to carry forward unused volume cap.
- Check Form 8328 instead when filing for the election, as this form governs both Section 146(f) and Section 142(k) elections.
Form selector
Use this form or another form?
State elects carryforward under Sec. 142(k)
The election is specifically for qualified public educational facility bonds, unlike the general issuer filing.
✓ Check Part III of Form 8328.
Issuer files only Section 146(f) election
This limits the reporting to Part II, which covers unused volume cap under that specific section.
✓ Verify Part I fields are completed correctly for this filing type.
Bonds not taken into account under Sec. 146
These bonds (like qualified veterans’ mortgage bonds) require specific exceptions noted on Form 8328.
✓ Review the exclusions listed in Section 146(g).
Issuer needs to correct an error after filing
Errors cannot be corrected via amended filing; a Voluntary Closing Agreement Program (VCAP) request is needed.
✓ Consult Notice 2008-31 for VCAP procedures.
Deadline or filing window
The election must be filed by the earlier of two dates: February 15 of the calendar year after the excess amount occurs, or the actual date the new bonds are issued. After this filing, the issuer cannot change the amounts listed on Form 8328.
Checklist
What you need before filling it out
Purpose of Form
Election to carry forward unused volume cap for Sections 146(f) or 142(k) · General Instructions/Purpose section
Filing Deadline
February 15 of the calendar year following excess amount, OR date of bond issue · Page 2 (When To File)
Part I Reporting Authority Name
State name for qualifying public educational facility bond OR issuer’s name for all other bonds · Part I
Line 6 (Unused volume cap)
Line 1 minus Line 5 · Part II
Bonds Excluded from Sec. 146
Qualified veterans’ mortgage bonds, qualified section 501(c)(3) bonds, certain exempt facility bonds · Page 2 (Section 146)
Carryforward Duration
3 calendar years following the year the carryforward arose · Page 2 (General Instructions)
Before you submit
- 1The form is dated with the correct calendar year for which the election is made.
- 2Part I includes the Reporting Authority's EIN Number and complete address.
- 3If filing under Section 146(f), Part II has been completed, including calculating Line 6 (Unused volume cap).
- 4If filing as a qualifying public educational facility bond, Part III is included.
- 5The total amount of the carryforward elected for each purpose (Lines 7-9) is accurately reported.
- 6The form is signed by an authorized public official responsible for carrying forward unused volume cap.
- 7A copy of the fully completed and signed Form 8328 is retained by the issuer.
How to file this form
- 1Complete Part I with the Reporting Authority's details, including the state name or issuer’s name.
- 2Calculate the Unused Volume Cap in Part II (or complete Part III if a qualifying public educational facility bond) by filling out lines 1 through 9.
- 3Sign the form under penalties of perjury as an authorized public official.
- 4Mail Form 8328 to the Department of the Treasury, Internal Revenue Service Center at Ogden, UT 84201.
Known limitations
- 1Part II of Form 8328 applies only to filers under section 146(f).
- 2Part III of Form 8328 applies only to qualifying public educational facility bond filers.
- 3A state may elect to carry forward an unused limitation for any calendar year for 3 calendar years following the year it arose, but this election is only for qualified public educational facility bonds under section 142(k).
- 4Qualified veterans’ mortgage bonds are exempt from being taken into account under section 146 (see section 146(g)).
- 5Qualified section 501(c)(3) bonds are exempt from being taken into account under section 146 (see section 146(g)).
- 6Exempt facility bonds for governmentally owned airports, docks and wharves, and environmental enhancements of hydroelectric generating facilities are exempt from being taken into account under section 146.
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.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is Revision August 2022 (Rev. 8-2022). The form directs users to www.irs.gov/Form8328 for the latest information regarding developments.
What changed or needs a fresh check
- Edition date — confirm the revision date reads August 2022 (Rev. 8-2022).
- Filing deadline — confirm the due date is February 15 of the calendar year following the excess amount arises, or the bond issue date.
- Mailing address — confirm the destination is IRS Center, Ogden, UT 84201.
- Signature — ensure it is signed by an authorized public official responsible for carrying forward unused volume cap.
- Part II usage — confirm Part II is used when filing under Section 146(f).
- Part III usage — confirm Part III is used when the issuer is a qualifying public educational facility bond.
Quick Facts
Downloads
After you file
- 1Once Form 8328 is filed, the issuer may not revoke the carryforward election.
- 2Once Form 8328 is filed, the issuer may not amend the carryforward amounts shown on this form.
- 3If errors occur on Form 8328, they cannot be corrected through an amended filing; the issuer must file a Voluntary Closing Agreement Program (VCAP) request.
- 4Keep copies of the completed and signed Form 8328 for your records.
- 5Retain books or records related to Form 8328 as long as their contents may become material in the administration of any Internal Revenue law.
Sources
- SRCForm 8328 is used by issuing authority of private activity bonds to elect to carry forward its unused volume cap under section 146(f) (Instructions p.1).
- SRCForm 8328 is also used by a state to carry forward the unused volume cap under section 142(k) (Page 2).
- SRCThe filing deadline for Form 8328 is the earlier of February 15 of the calendar year following the excess amount arising, or the date of bond issue (Page 2).
- SRCPart II of Form 8328 is only for section 146(f) filers (Instructions p.1).
- SRCPart III of Form 8328 is only for qualifying public educational facility bond filers (Instructions p.1).
- SRCForm 8328 must be signed by an authorized public official responsible for carrying forward unused volume cap (Page 2).
Common confusion points
When exactly must I file Form 8328?
The filing deadline is the earlier of February 15 of the following calendar year, or the date bonds are issued under the carryforward election.
→ Check which event happens first.
Who needs to sign Form 8328?
An authorized public official responsible for carrying forward the unused volume cap must sign Form 8328.
→ Verify this person's title matches their authority.
If I make a mistake on Form 8328, what do I do?
Errors cannot be corrected by amending the form; you must file a VCAP request.
→ Look for Notice 2008-31 or IRM 7.2.3 for more details.
Does everyone have to use Part II of Form 8328?
No, Part II is only required for filers under section 146(f).
→ If you are a state filing under section 142(k) for educational bonds, check if Part III applies instead.
What happens after I file the election using Form 8328?
The issuer cannot revoke the election or change the amounts reported on the form.
→ Confirm this restriction is acceptable before submitting the form.
Where must I send my completed Form 8328?
File it with the Department of the Treasury, Internal Revenue Service Center in Ogden, UT 84201.
→ Double-check the address and ZIP code listed on the form.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- File a VCAP request to correct mathematical or typographical errors on Form 8328.
Questions about IRS Form 8328
What is IRS Form 8328 used for?
This form allows an entity that issues tax-exempt private activity bonds to save unused capacity for future bond issuances. If they use up all their allowed volume cap in one year, this election lets them carry over the leftover amount for a set number of years. This applies both to general issuers and state governments.
Who must file IRS Form 8328?
The issuing authority of private activity bonds files Form 8328 to elect to carry forward its unused volume cap under Section 146(f). A state may also file this form to carry forward an unused limitation for qualified public educational facility bonds under section 142(k).
What information does IRS Form 8328 require?
Part I collects basic information like the Reporting Authority's EIN and name. Part II details the Unused Volume Cap and Carryforward Under Section 146(f), while Part III covers this calculation for Qualifying Public Educational Facility Bonds under Section 142(k).
When is IRS Form 8328 due?
Form 8328 must be filed by the earlier of February 15 of the calendar year following the year in which the excess amount arises, or the date of issue of bonds issued pursuant to the carryforward election. Once filed, the issuer cannot revoke this election.
Where do I file IRS Form 8328?
The form is submitted to the Department of the Treasury, Internal Revenue Service Center, located at Ogden, UT 84201. The instructions also direct users to www.irs.gov/Form8328 for further details.
How do I complete IRS Form 8328?
First, complete Part I with the issuing entity’s identifying information. Then, fill out either Part II (for Section 146(f)) or Part III (for Section 142(k)) to calculate the unused volume cap amount. Finally, sign and date the form under penalties of perjury.
What happens if IRS Form 8328 is filed incorrectly?
Errors on Form 8328 cannot be corrected through an amended filing; instead, the issuer must file a Voluntary Closing Agreement Program (VCAP) request.
When exactly must I file Form 8328?
The filing deadline is the earlier of February 15 of the following calendar year, or the date bonds are issued under the carryforward election. Check which event happens first.
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