Texas Government Code 1372.074 – Reassignment of Carryforward Designation
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(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 § 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 § 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.
Terms Used In Texas Government Code 1372.074
- Signature: includes the mark of a person unable to write, and "subscribe" includes the making of such a mark. See Texas Government Code 312.011
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(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 § 1372.069 may be used by the issuer for other projects subject to Subsection (b) and § 1372.061(b).