S.B. No. 1984
  relating to the reassignment of the carryforward designation of
  certain private activity bonds.
         SECTION 1.  Section 1372.061(b), Government Code, is amended
  to read as follows:
         (b)  The board shall designate as carryforward:
               (1)  a reservation amount for which the board receives
  written notice from an issuer of an election to carry forward the
  reservation under Section 1372.042(c) if the bonds relating to the
  reservation are not required to close by December 31 of the year in
  which the reservation was granted; or
               (2)  an amount previously designated as carryforward
  under Subsection (a) for which the board receives written notice
  from an issuer of an election to reassign the carryforward
  designation under Section 1372.074.
         SECTION 2.  Sections 1372.074(a) and (b), Government Code,
  are amended to read as follows:
         (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 Section 1372.061(b) to
  the issuer's next available application for a project [a new
  project] if the issuer provides:
               (1)  [the designation on a form described by Section
               [(2)]  a written withdrawal request signed by an
  authorized representative of the issuer;
               (2) [(3)]  the issuing board resolution authorizing
  the carryforward designation reassignment with an original
  signature by an officer of the issuer;
               (3) [(4)]  applicable fees under Section 1372.006;
               (4) [(5)]  an opinion of legal counsel stating that the
  carryforward designation reassignment does not conflict with
  Section 146, Internal Revenue Code of 1986; and
               (5) [(6)]  any other information required by the board.
         (b)  A [new] project that is reassigned a carryforward
  designation under this section must close within the time period
  allowed by the Internal Revenue Code of 1986.
         SECTION 3.  This Act takes effect September 1, 2021.
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
         I hereby certify that S.B. No. 1984 passed the Senate on       
  May 13, 2021, by the following vote:  Yeas 30, Nays 0.
  Secretary of the Senate    
         I hereby certify that S.B. No. 1984 passed the House on        
  May 26, 2021, by the following vote:  Yeas 115, Nays 32, two
  present not voting.
  Chief Clerk of the House