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Texas Government Code - GOV'T § 1372.074. Reassignment of Carryforward Designation

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) After one year from the initial carryforward designation, an issuer may elect to reassign all or part of the carryforward designation in accordance with Section 1372.061(b) to the issuer's next available application for a project if the issuer provides:

(1) a written withdrawal request signed by an authorized representative of the issuer;

(2) the issuing board resolution authorizing the carryforward designation reassignment with an original signature by an officer of the issuer;

(3) applicable fees under Section 1372.006;

(4) an opinion of legal counsel stating that the carryforward designation reassignment does not conflict with Section 146, Internal Revenue Code of 1986;  and

(5) any other information required by the board.

(b) A project that is reassigned a carryforward designation under this section must close within the time period allowed by the Internal Revenue Code of 1986.

(c) An unutilized carryforward designation available after a project closes on a carryforward designation under Section 1372.069 may be used by the issuer for other projects subject to Subsection (b) and Section 1372.061(b).

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1372.074. Reassignment of Carryforward Designation - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1372-074/

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