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15-5-606. Balance of state ceiling — Carryforwards.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-606. Balance of state ceiling — Carryforwards.
(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) Th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-606
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-5-606
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 505743ab5588fbe6f22f73b4a483cb60d1566fd761bbeee15a594ec80cd5b0a1
Source location: content.xml paragraph 8331
Stored source content
15-5-606. Balance of state ceiling — Carryforwards.
(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 26 U.S.C. § 146(f)(5).
(c)(1) Carryforwards previously elected with respect to any purpose pursuant to the provisions of § 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.
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A private activity bond issued as part of an issue meets the requirements of this section if the aggregate face amount of the private activity bonds issued pursuant to such issue, when added to the aggregate face amount of tax-exempt private activity bonds previously issued by the issuing authority during the calendar year, does not exceed such authority’s volume cap for such calendar year.
**(b) Volume cap for State agencies** For purposes of this section—
(1) **In general** — The volume cap for any agency of the State authorized to issue tax-exempt private activity bonds for any calendar year shall be 50 percent of the State ceiling for such calendar year.
(2) **Special rule where State has more than 1 agency** — If more than 1 agency of the State is authorized to issue tax-exempt private activity bonds, all such agencies shall be treated as a single agency.
**(c) Volume cap for other issuers** For purposes of this section—
(1) **In general** — The volume cap for any issuing authority (other than a State agency) for any calendar year shall be an amount which bears the same ratio to 50 percent of the State ceiling for such calendar year as—
(A) the population of the jurisdiction of such issuing authority, bears to
(B) the population of the entire State.
(2) **Overlapping jurisdictions** — For purposes of paragraph (1)(A), if an area is within the jurisdiction of 2 or more governmental units, such area shall be treated as only within the jurisdiction of the unit having jurisdiction over the smallest geographical area unless such unit agrees to surrender all or part of such jurisdiction for such calendar year to the unit with overlapping jurisdiction which has the next smallest geographical area.
**(d) State ceiling** For purposes of thi
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 146
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 146. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 686
TITLE 26—INTERNAL REVENUE CODE
§ 146
(2) such issue is an issue of exempt facility
bonds, or qualified redevelopment bonds, to
which section 146 applies.
(Added Pub. L. 99–514, title XIII, § 1301(b), Oct. 22,
1986, 100 Stat. 2629; amended Pub. L. 100–647, title
I, § 1013(a)(6)–(8), title V, § 5053(a), Nov. 10, 1988,
102 Stat. 3538, 3677; Pub. L. 101–239, title VII,
§ 7815(f), Dec. 19, 1989, 103 Stat. 2419; Pub. L.
101–508, title XI, § 11813(b)(7), Nov. 5, 1990, 104
Stat. 1388–551; Pub. L. 105–34, title II, § 222, Aug.
5, 1997, 111 Stat. 818; Pub. L. 115–97, title I,
§ 13402(b)(2), Dec. 22, 2017, 131 Stat. 2134.)
Editorial Notes
REFERENCES IN TEXT
The date of the enactment of the Tax Reform Act of
1986, referred to in subsec. (b)(2)(B)(ii)(I), is the date of
enactment of Pub. L. 99–514, which was approved Oct.
22, 1986.
The date of the enactment of this paragraph, referred
to in subsec. (b)(5), is the date of enactment of Pub. L.
105–34, which was approved Aug. 5, 1997.
PRIOR PROVISIONS
A prior section 145, act Aug. 16, 1954, ch. 736, 68A Stat.
42, made a cross reference to section 36 of this title,
prior to repeal by Pub. L. 95–30, title I, § 101(d)(1), May
23, 1977, 91 Stat. 133, applicable to taxable years begin-
ning after Dec. 31, 1976.
AMENDMENTS
2017—Subsec. (d)(4). Pub. L. 115–97 substituted ‘‘of sec-
tion 47(c)(1)(B)’’ for ‘‘of section 47(c)(1)(C)’’ in subpars.
(A) and (B) and ‘‘section 47(c)(1)(B)(i)’’ for ‘‘section
47(c)(1)(C)(i)’’ in subpar. (B).
1997—Subsec. (b)(5). Pub. L. 105–34 added par. (5).
1990—Subsec. (d)(4). Pub. L. 101–508 substituted ‘‘sec-
tion 47(c)(1)(C)’’ for ‘‘section 48(g)(1)(C)’’ wherever ap-
pearing
and
‘‘section
47(c)(1)(C)(i)’’
for
‘‘section
48(g)(1)(C)(i)’’.
1989—Subsec. (d)(3), (4). Pub. L.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 146
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 146. This identifies an authority to review, not proof of applicability.