Form 8328

(Rev. August 2022)

Department of the Treasury 

Internal Revenue Service 

Carryforward Election of Unused 

Private Activity Bond Volume Cap

(Under Sections 146(f) and 142(k)) 

Go to www.irs.gov/Form8328 for the latest information.

OMB No. 1545-0047 

Enter the calendar year for which the election is made: 

Part I Reporting Authority 

State name for qualifying public educational facility bond or issuer’s name for all other bonds Reporting Authority’s EIN 

Number, street (or P.O. box if mail is not delivered to street address) Room/suite Report number (For IRS Use Only)

9

City or town, state, and ZIP code 

Caution: Part II is only for section 146(f) filers. Part III is only for qualifying public educational facility bond filers. 

Part II Unused Volume Cap and Carryforward Under Section 146(f) 

Computation of Unused Volume Cap 

1 Total volume cap of the issuer for the calendar year . . . . . . . . . . . . . . . . 1 

2 Aggregate amount of private activity bonds issued to date that are taken 

into account under section 146. See instructions . . . . . . . . 2 

3 Total amount of volume cap exchanged for authority to issue mortgage 

credit certificates. See instructions . . . . . . . . . . . . 3 

4 Total amount of volume cap allocated to private activity portion of

governmental bonds. See instructions . . . . . . . . . . . 4 

5 Add lines 2 through 4 . . . . . . . . . . . . . . . . . . . . . . . . . . 5 

6 Unused volume cap (subtract line 5 from line 1) . . . . . . . . . . . . . . . . . 6 

Purpose and Amount of Each Carryforward 

7 Qualified student loan bonds . . . . . . . . . . . . . . . . . . . . . . . 7 

8 Qualified mortgage bonds or mortgage credit certificates . . . . . . . . . . . . . . 8 

9 Qualified redevelopment bonds . . . . . . . . . . . . . . . . . . . . . . 9 

10 Exempt facility bonds: 

a Mass commuting facilities (section 142(a)(3)) . . . . . . . . . . . . . . . . . . 10a 

b Water furnishing facilities (section 142(a)(4)) . . . . . . . . . . . . . . . . . . 10b 

c Sewage facilities (section 142(a)(5)) . . . . . . . . . . . . . . . . . . . . . 10c 

d Solid waste disposal facilities (section 142(a)(6)) . . . . . . . . . . . . . . . . . 10d 

e Qualified residential rental projects (section 142(a)(7)) . . . . . . . . . . . . . . . 10e 

f Facilities for the local furnishing of electric energy or gas (section 142(a)(8)) . . . . . . . . 10f 

g Local district heating or cooling facilities (section 142(a)(9)) . . . . . . . . . . . . . 10g 

h Qualified hazardous waste facilities (section 142(a)(10)) . . . . . . . . . . . . . . . 10h 

i High-speed intercity rail facilities (section 142(a)(11)) . . . . . . . . . . . . . . . . 10i 

j Qualified enterprise zone facility bonds (section 1394(a)–(e)) . . . . . . . . . . . . . 10j 

k Qualified broadband projects (section 142(a)(16)) . . . . . . . . . . . . . . . . . 10k 

l Qualified carbon dioxide capture facilities (section 142(a)(17)) . . . . . . . . . . . . . 10l 

11 Total carryforward amount (add lines 7 through 10l) (not to exceed line 6) . . . . . . . . . 11 

Part III Unused Volume Cap and Carryforward Under Section 142(k) (Qualifying Public Educational Facility Bonds) 

12 Total volume cap for the calendar year . . . . . . . . . . . . . . . . . . . . 12 

13 Total amount of bonds issued under section 142(k) for the calendar year . . . . . . . . . 13 

14 Unused volume cap available for carryforward (subtract line 13 from line 12) . . . . . . . . 14 

15 Amount elected to carryforward (not to exceed line 14) . . . . . . . . . . . . . . . 15 

Sign 

Here 

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and 

belief, it is true, correct, and complete. 

Signature of authorized public official Date Type or print name and title. 

General Instructions 

Section references are to the Internal Revenue Code unless otherwise 

noted. 

Future Developments

For the latest information about developments related to Form 8328 and 

its instructions, such as legislation enacted after they were published, 

go to www.irs.gov/Form8328. 

Purpose of Form 

Form 8328 is filed by the issuing authority of private activity bonds to 

elect to carry forward its unused volume cap for one or more 

carryforward purposes (see section 146(f)). If the election is made, 

bonds issued with respect to a specified carryforward purpose are not 

subject to the volume cap under section 146(a) during the 3 calendar 

years following the calendar year in which the carryforward arose, but 

only to the extent that the amount of such bonds does not exceed the 

amount of the carryforward elected for that purpose. 

For Paperwork Reduction Act Notice, see instructions on back. Cat. No. 13900J Form 8328 (Rev. 8-2022)
Form 8328 (Rev. 8-2022) Page 2 

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 

unused limitation for any calendar year for 3 calendar years following the 

calendar year in which the unused limitation arose under rules similar to 

the rules of section 146(f). However, this election can only be made for 

the issuance of qualified public educational facility bonds. For 

definitions related to qualified public educational facilities, see section 

142(k). 

When To File 

Form 8328 must be filed by the earlier of: (1) February 15 of the 

calendar year following the year in which the excess amount arises, or 

(2) the date of issue of bonds issued pursuant to the carryforward 

election. 

Once Form 8328 is filed, the issuer may not revoke the carryforward 

election or amend the carryforward amounts shown on this form. 

Errors on this form cannot be corrected through an amended filing. 

The issuer may file a Voluntary Closing Agreement Program (VCAP) 

request to correct mathematical, typographical, and similar errors. See 

Notice 2008-31, 2008-11 I.R.B. 592, and IRM 7.2.3 for more information 

about VCAP.

Where To File 

File Form 8328 with the Department of the Treasury, Internal Revenue 

Service Center, Ogden, UT 84201. 

Bonds Taken Into Account Under Section 146 

All private activity tax-exempt bonds issued during a calendar year are 

taken into account under section 146 except:

1. Qualified veterans’ mortgage bonds. See section 146(g). 

2. Qualified section 501(c)(3) bonds. See section 146(g).

3. Exempt facility bonds for governmentally owned airports, docks 

and wharves, and environmental enhancements of hydroelectric 

generating facilities; also exempt facility bonds for qualified public 

educational facilities, qualified green building and sustainable design 

projects, and qualified highway or surface freight transfer facilities. See 

section 146(g).

4. 75% of any exempt facility bonds for privately owned high-speed 

intercity rail facilities; 100% if governmentally owned. See section 

146(g).

5. 75% of any exempt facility bonds for privately owned qualified 

broadband projects; 100% if governmentally owned. See section 146(g).

6. 75% of any exempt facility bonds for qualified carbon dioxide 

capture facilities. See section 146(g).

7. Exempt facilities bonds for governmentally owned solid waste 

disposal facilities. See section 146(h).

8. Bonds issued pursuant to a carryforward election. See section 

146(f)(3)(A).

9. Certain current refundings. See section 146(i).

10. Certain bonds issued by Indian tribal governments for tribal 

manufacturing facilities. See section 7871(c)(3).

11. Tribal Economic Development Bonds. See section 7871(f).

12. Gulf Opportunity Zone bonds, Midwestern Disaster Area bonds, 

Hurricane Ike Disaster Area bonds. See section 1400N.

13. New York Liberty Zone bonds. See section 1400L.

14. Empowerment Zone Facility bonds. See section 1394(f).

Note: Enterprise Zone Facility bonds under section 1394(a)–(e) are 

subject to section 146. See line 10j of Form 8328.

In addition, the private activity portion of governmental bonds is taken 

into account to the extent that the nonqualified amount exceeds $15 

million. See sections 141(b)(5) and 146(m). 

Bonds Eligible for Carryforward Elections 

• An election under section 146(f) may be made by the issuing authority 

for only the following types of tax-exempt bonds. 

1. Qualified student loan bonds. 

2. Qualified mortgage bonds (or mortgage credit certificates). 

3. Qualified redevelopment bonds. 

4. Exempt facility bonds taken into account under section 142(a). 

5. Enterprise zone facility bonds taken into account under Regulations 

section 1.1394-1(m)(3). 

6. Tax-Exempt Economic Development Bonds for the District of 

Columbia Enterprise Zone, section 1400A. Include any Tax-Exempt 

Economic Development Bond carryforward on line 10j.

• An election under section 142(k) may be made by the state for 

qualified public educational facility bonds. 

Specific Instructions 

Parts I and II of this form must be completed to properly elect the 

carryforward provisions under section 146(f). 

Parts I and III must be completed to properly elect the carryforward 

provisions under section 142(k). 

Part I. Reporting Authority 

Name. Enter the name of the state if filing under section 142(k). For all 

others, enter the name of the entity issuing the bonds. 

Report number. This line is for IRS use only. Do not make an entry.

Part II. Unused Volume Cap and Carryforward Under 

Section 146(f) 

Computation of Unused Volume Cap 

Line 1. Enter the issuing authority’s volume cap under section 146 for 

the current calendar year. Take into account any reduction in the 

amount of the volume cap under section 25(f) (relating to the reduction 

in the aggregate amount of qualified mortgage bonds where certain 

requirements are not met). See section 146(n)(2). 

Line 2. Enter the total amount of private activity bonds issued by the 

issuing authority during the current calendar year that are taken into

account under section 146. See Bonds Taken Into Account Under 

Section 146.

Line 3. Enter the total amount of qualified mortgage bonds the issuing 

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 

calendar year. See section 146(n). 

Line 4. Enter the total amount of volume cap allocated by the issuer to 

the private activity portion of governmental bonds. See sections 

141(b)(5) and 146(m). 

Purpose and Amount of Each Carryforward 

Enter the amount of unused volume cap the issuer elects to 

carryforward for each carryforward purpose and the total carryforward 

amount. 

Part III. Unused Volume Cap and Carryforward Under 

Section 142(k) (Qualifying Public Educational Facility 

Bonds) 

Complete lines 12 through 15 to compute the amount elected to carry 

forward under section 142(k). 

Signature 

Form 8328 must be signed by an authorized public official responsible 

for carrying forward unused volume cap. 

Paperwork Reduction Act Notice. We ask for the information on this 

form to carry out the Internal Revenue laws of the United States. You 

are required to give us the information. We need it to ensure that you are 

complying with these laws and to allow us to figure and collect the right 

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confidential, as required by section 6103. However, certain returns and 

return information of tax-exempt organizations and trusts are subject to 

public disclosure and inspection, as provided by section 6104. The time 

needed to complete and file this form will vary depending on individual 

circumstances. The estimated burden for tax-exempt organizations filing 

this form is approved under OMB control number 1545-0047 and is 

included in the estimates shown in the instructions for their information 

return.