§ 15-5-606 - Balance of state ceiling -- Carry forwards.
15-5-606. Balance of state ceiling -- Carry forwards.
(a) (1) (A) Volume cap that has not been allocated by the end of the calendar year may be allocated by the President of the Arkansas Development Finance Authority for one (1) or more carryforward purposes, and the issuer receiving such allocation shall carry forward the allocation of volume cap in the manner described in subdivision (a)(2) of this section.
(B) (i) Volume cap that has been allocated prior to the end of the calendar year to another issuer by the Arkansas Development Finance Authority but as to which no bonds have been issued may be carried forward only upon the approval of the president.
(ii) The issuer seeking to carry forward an allocated volume cap must request the written permission of the president.
(iii) The president may require the issuer to submit such information as he or she deems necessary to determine if approval of the request should be granted.
(iv) If the president approves the carryforward request, permission to carry forward the volume cap shall be evidenced by a letter from the president, and the issuer shall carry forward the volume cap in the manner described in subdivision (a)(2) of this section.
(v) If the president does not approve the carryforward request, the allocation shall be deemed to have expired as of the end of the calendar year, and the volume cap related to the expired allocation may be allocated by the president as set forth in subdivision (a)(1)(A) of this section.
(2) (A) In order to carry forward volume cap allocated pursuant to subdivision (a)(1)(A) or subdivision (a)(1)(B) of this section, the issuer, whether such issuer is the authority or another issuer, must make a valid carryforward election statement under the provisions of federal tax law.
(B) The carryforward election statement must set forth the information required and must be filed at the place, in the manner, and by the date required for timely filing of a carryforward election statement under federal tax law as set forth in any federal statute, or in any regulation or published notice or ruling of the Internal Revenue Service.
(3) A copy of any federal carryforward election statement shall be filed with the president at the same time it is filed with the Internal Revenue Service.
(b) Carryforwards elected with respect to any purpose shall be used in order of the calendar years in which they arose. Carryforward purposes shall be those permitted by section 146(f)(5) of the Internal Revenue Code of 1986.
(c) (1) Carryforwards previously elected with respect to any purpose pursuant to the provisions of Section 4 of the Proclamation of the Governor dated November 30, 1986, for the calendar year ending December 31, 1986, are ratified and confirmed.
(2) Carryforwards elected prior to January 2, 2007, with respect to any purpose pursuant to the provisions of the law then in effect are ratified and confirmed.