LegalFix
Sign In

Section 1372.069. Application for Carryforward Designation; Limitations

TX Govt Code § 1372.069 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 1372.069. APPLICATION FOR CARRYFORWARD DESIGNATION; LIMITATIONS. (a) An issuer may apply for a carryforward designation at any time during the year in which the designation is sought.

(b) An issuer that applies for a carryforward designation may not apply later in the same year for a reservation for the same project.

(c) An issuer may apply for the carryforward designation of an amount that is not more than the greater of:

(1) $50 million; or

(2) 1.70 percent of the available state ceiling.

(d) The board by rule shall prevent an issuer from applying for a carryforward designation in an amount that is greater than the amount needed.

(e) A carryforward designation granted under this section must comply with the Internal Revenue Code of 1986.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Amended by:

Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 16, eff. September 1, 2019.

Previous Section
Section 1372.068. Priority 6 Carryforward Classification
Next Section
Section 1372.070. Form and Contents of Application for Carryforward Application