IRS Issues Guidance on Private-Activity Volume Cap

Ferris, Craig T.
June 2003
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p4
Trade Publication
The U.S. Internal Revenue Service (IRS) issued three regulations on June 26, 2003 that provide guidance on procedures governing allocation of the private-activity bond volume cap, assignment of the ceiling to other authorities, and correction of errors in filing forms to carry forward unused cap. The documents, two notices and a revenue procedure, are all "housecleaning" items designed to clarify procedures that have been in use since the volume cap was imposed under the Tax Reform Act of 1986. The notices clarify that the deadlines for allocating any portion of the state volume cap or for assigning a portion of the state cap to another issuing authority are either February 15 of the following calendar year or the actual date the bonds were issued, whichever is earlier. The revenue procedure, 2003-46, sets up a system for states to correct a situation in which Form 8328, which is used to notify the IRS that a state is carrying forward unused private-activity volume cap, was improperly filed by the authority that authorized the volume cap allocation rather than by the authority that issued the bonds, as required by the la


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