SECTION 1. PURPOSE

This revenue procedure provides that an issuing authority that fails to make a timely carryforward election of unused private activity bond volume cap under § 146(f) of the Internal Revenue Code (the “Code”) is granted under § 301.9100–3 of the Procedure and Administration Regulations an automatic extension of six months from the due date of the carryforward election, to make the carryforward election, provided that the issuing authority meets the requirements of § 4 of this revenue procedure.