Calendar year and Part I
The calendar year of the election, then the reporting authority: the state name or issuer's name, EIN, address and a report number box for IRS use only.
8328
Carryforward Election of Unused Private Activity Bond Volume Cap
- Agency
- IRS
- Revision
- Rev. August 2022
- Fillable fields
- 34
- Pages
- 2
- Official source
- IRS form page
- Checked
- October 21, 2026
Form 8328: Carryforward Election of Unused Private Activity Bond Volume Cap
Form 8328 is filed by government bond issuers, not by individuals or ordinary businesses. The instructions say it 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 under section 146(f). A state also uses it to carry forward unused volume cap under section 142(k), for qualified public educational facility bonds only.
The instructions say that if the election is made, bonds issued for a specified carryforward purpose are not subject to the volume cap under section 146(a) during the 3 calendar years following the year in which the carryforward arose, but only up to the amount of the carryforward elected for that purpose.
The form is one page with the instructions on the back. You can fill out the PDF free in your browser on this page and download the result without an account.
What's on Form 8328
Part II, lines 1 to 6
Computation of unused volume cap: the total cap, bonds issued, cap exchanged for mortgage credit certificates and cap allocated to governmental bonds.
Part II, lines 7 to 11
The amount carried forward for each purpose, from student loan and mortgage bonds to exempt facility bonds on lines 10a to 10l, and the total on line 11.
Part III, lines 12 to 15
Unused volume cap and carryforward under section 142(k) for qualifying public educational facility bonds.
Sign Here
The signature of the authorized public official, the date, and the typed or printed name and title.
How to fill out Form 8328
- 1
Calendar year and Part I
Enter the calendar year of the election. The instructions say to enter the name of the state if filing under section 142(k), or the name of the entity issuing the bonds for all others. Leave the report number blank.
- 2
Line 1
Enter the issuing authority's volume cap under section 146 for the current calendar year. The instructions say to take into account any reduction under section 25(f).
- 3
Lines 2 to 6
Line 2 is private activity bonds issued that count under section 146, line 3 the mortgage bond amount elected not to issue plus the section 25(f) reduction, line 4 cap allocated to governmental bonds. Line 6 is line 1 minus line 5.
- 4
Lines 7 to 11
Enter the unused volume cap the issuer elects to carry forward for each purpose, then the total on line 11. The form says line 11 is not to exceed line 6.
- 5
Part III
State filers under section 142(k) complete lines 12 through 15. The form says line 15, the amount elected to carry forward, is not to exceed line 14.
- 6
Sign
The authorized public official signs, dates and enters a name and title.
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Where to send it, deadline and changes
Where to send it
The instructions say to file Form 8328 with the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201.
Deadline
The instructions say 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 under the carryforward election.
No revoking or amending
The instructions say once Form 8328 is filed, the issuer may not revoke the election or amend the carryforward amounts shown on it.
Correcting errors
The instructions say errors cannot be corrected through an amended filing. The issuer may file a Voluntary Closing Agreement Program (VCAP) request for mathematical, typographical and similar errors. See Notice 2008-31.
How long the carryforward lasts
The instructions say the carryforward applies during the 3 calendar years following the calendar year in which it arose.
Related forms
8038
Information Return for Tax-Exempt Private Activity Bond Issues
137 fields, 3 pages
8038-G
Information Return for Tax-Exempt Governmental Bonds
72 fields, 2 pages
8038-GC
Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales
35 fields, 3 pages
8038-T
Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate
60 fields, 1 page
Who files Form 8328?
The IRS About page says the issuing authority of private activity bonds files Form 8328, and that states use it to carry forward unused volume cap under section 142(k).
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Questions about Form 8328
Who files Form 8328?
The instructions say the issuing authority of private activity bonds files it to carry forward unused volume cap under section 146(f), and a state files it under section 142(k) for qualified public educational facility bonds.
When is Form 8328 due?
The instructions say by the earlier of February 15 of the calendar year after the year the excess amount arises, or the date of issue of bonds issued under the carryforward election.
Which parts are completed?
The instructions say Parts I and II for a carryforward under section 146(f), and Parts I and III for a carryforward under section 142(k).
Can the election be changed after filing?
No. The instructions say the issuer may not revoke the election or amend the carryforward amounts, and errors cannot be corrected through an amended filing. A VCAP request can address mathematical, typographical and similar errors.
What does the carryforward election do?
The instructions say bonds issued for a specified carryforward purpose are not subject to the section 146(a) volume cap during the 3 following calendar years, up to the amount elected for that purpose.
Who signs Form 8328?
The instructions say an authorized public official responsible for carrying forward unused volume cap.