7C.8 - STATE CEILING CARRYFORWARDS.
7C.8 STATE CEILING CARRYFORWARDS.
It is the intention of the general assembly that the maximum use
be made of all carryforward provisions in the Internal Revenue Code.
Therefore, if the aggregate principal amount of bonds, subject to
section 146 of the Internal Revenue Code, issued by all political
subdivisions in a calendar year is less than the state ceiling for
that calendar year, a political subdivision may apply to the
governor's designee for an allocation of a specified portion of the
excess state ceiling to be applied to a specified carryforward
project. The governor's designee shall determine the time and manner
in which applications for an allocation of excess state ceiling shall
be made for this purpose and may, in the designee's discretion,
refuse any requests. However, the procedures for applications, the
method of identifying, and the types permitted of carryforward
projects shall comply with the carryforward provisions of the
Internal Revenue Code and regulations promulgated under those
provisions. Section History: Recent Form
85 Acts, ch 225, § 10; 87 Acts, ch 171, §8
Referred to in § 7C.3, 7C.4, 7C.7, 7C.12