Montana Code 17-5-1315. Carryforward elections
17-5-1315. Carryforward elections. (1) Between the first Monday in December and the second Wednesday in December, each issuer shall file with the department an application for a carryforward election with respect to any unallocated portion of the state‘s volume cap for the calendar year.
Terms Used In Montana Code 17-5-1315
- Allocation: means an allocation of a part of the state's volume cap to an issuer pursuant to this part. See Montana Code 17-5-1302
- Department: means the department of administration. See Montana Code 17-5-1302
- Issuer: means a state issuer or local issuer. See Montana Code 17-5-1302
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Tax act: means the latest limitation enacted by the United States congress on the amount of cap bonds that may be issued by a state or local issuer. See Montana Code 17-5-1302
- Volume cap: means , with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act. See Montana Code 17-5-1302
- Writing: includes printing. See Montana Code 1-1-203
(2)Applications for carryforward elections may be filed only with respect to carryforward purposes authorized by the tax act. Each application for a carryforward election must contain the information required of an application for allocation under 17-5-1316 and any additional information required by either the tax act or the department.
(3)If, as of the second Wednesday in December, the aggregate amount of applications for carryforward elections does not exceed the amount of the unallocated and unused state’s volume cap, each application constitutes a valid carryforward election within the meaning of the tax act.
(4)If, as of the second Wednesday in December, the aggregate amount of applications for carryforward elections exceeds the unallocated and unused state’s volume cap, the department shall determine which applications constitute a valid carryforward election within the meaning of the tax act.
(5)After receipt of an application, the department shall notify the applicant in writing of either the approval of the carryforward election or the reason for disapproval.