MCL - Section 12.120 - Michigan Legislature

MCL - Section 12.120 - Michigan Legislature Skip to content Michigan Legislature Michigan Compiled Laws Complete Through PA 7 of 2026 MCL Complete Through PA 7 of 2026 Senate adjourned until Tuesday, April 14, 2026 10:00 AM Senate adjourned until 04/14/26 10:00 AM House adjourned until Tuesday, April 14, 2026 1:30 PM House adjourned until 04/14/26 1:30 PM Home Legislature Legislative Document Search Bills Resolutions Joint Resolutions Concurrent Resolutions Calendars Committees Committee Bill Records Committee Meetings Initiatives/Alternative Measures Journals Legislators Public Acts (Signed Bills) Rules and Schedules Laws MCL Search Public Act MCL Search Michigan Constitution MCL Chapter Index Executive Orders Executive Reorganization Orders MCL Tables and Appropriation Acts More Archives Historical Documents Committee Meeting Notifications Legislative Directory Michigan Manuals Publications Related Sites Help Sign Up Log In MCL - Section 12.120 Download Section

Chapter 12 Act 496 of 1988

Previous Section Next Section

UNIFIED VOLUME LIMITATION ALLOCATION ACT (EXCERPT) Act 496 of 1988 12.120 Order for carryforward allocation; request for carryforward allocation; form; amount; priorities; election. Sec. 10. (1) In addition to an allocation under section 6, during the months of October, November, and December of each year, an issuer may request, or the treasurer may order without request, an order providing for a carryforward allocation for a proposed issue of bonds for an identified carryforward purpose described in section 146(f) of the internal revenue code. An issuer's request for a carryforward allocation shall be on a form provided by the treasurer and shall contain the information prescribed by the treasurer. (2) The treasurer may grant to any issuer a carryforward allocation for the proposed issue or carryforward purpose and shall specify the amount of the carry forward allocation that the issuer may elect to carryforward. If the treasurer determines it necessary, the treasurer shall establish priorities for the carryforward allocations that best serve the interests of the people of the state. (3) The issuer may elect to treat all or a portion of a carryforward allocation as a carryforward to a future calendar year as specified by the issuer. In making an election, the issuer shall specify the purpose for which the carryforward is elected and the portion of the allocation that is to be carried forward for that purpose. The issuer shall elect the carryforward in the manner provided by the United States secretary of treasury. History: 1988, Act 496, Eff. Mar. 30, 1989

Acceptable Use Policy Privacy Policy DMCA Policy Comment Form Legislative Directory Accessibility Site Map Bills Meetings Laws The Michigan Legislature Website is a free service of the Legislative Service Bureau in cooperation with the Michigan Legislative Council, the Michigan House of Representatives, the Michigan Senate, and the Library of Michigan. This site is intended to provide accurate and timely legislative information to the citizens of the State of Michigan and other interested parties. Additional historical documents can be found at https://www.michigan.gov/libraryofmichigan. The information obtained from this site is not intended to replace official versions of that information and is subject to revision. The Legislature presents this information, without warranties, express or implied, regarding the accuracy of the information, timeliness, or completeness. If you believe the information is inaccurate, out-of-date, or incomplete or if you have problems accessing or reading the information, please send your concerns to the appropriate agency using the online Comment Form in the bar above this text.