Hawaii Revised Statutes 39C-4 – Carry forward
Terms Used In Hawaii Revised Statutes 39C-4
- Bond: means any bond, note, or other evidence of indebtedness or lease with separately stated principal and interest components or certificates of participation therein. See Hawaii Revised Statutes 39C-1
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- Department: means the department of budget and finance. See Hawaii Revised Statutes 39C-1
- Issuer: means any state or county department, board, commission, authority or officer, or not-for-profit corporation authorized to issue bonds under the laws of the State. See Hawaii Revised Statutes 39C-1
- State ceiling: means any annual or other limit on the principal amount of bonds that may be issued by issuers, with tax exempt interest, tax credits, interest subsidies or other benefits under the Internal Revenue Code of 1986, as amended, which limit is imposed under or pursuant to the American Recovery and Reinvestment Act, Public Law 111-5, or any subsequent federal legislation. See Hawaii Revised Statutes 39C-1
In the event that federal tax law permits all or any portion of the state ceiling or allocations thereof to be carried forward for future use, the director of finance of each county or any other issuer that has received state ceiling allocations that have not been applied as of December 15, or fifteen days prior to the end of the period during which the allocation must be used or carried forward under federal tax law, shall report to the department the amount of allocation that has not been applied and will not be applied by December 31 or such other deadline. Unless the director of finance of the county or other issuer, by written certificate, indicates to the department that it intends to carry forward all or any part of its unapplied allocation, the unapplied allocation shall revert to the State. The department, on behalf of the State, shall be entitled to carry forward the unapplied allocation together with any unapplied allocation of the State or state issuers for future allocation pursuant to section bond ceiling” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>39C-2(a).