Unused volume cap allocated to an Issuer may be carried forward for up to three years, provided that the Issuer makes an election to carryforward such allocation of volume cap under Section 146(f) of the Code. To make such an election, the Issuer must first request and obtain a Carryforward Confirmation from the Division at least 3 business days before the expiration date of the Confirmation granting such allocation of volume cap. The issuer must also comply with all of the federal requirements, such as the filing of an Internal Revenue Service Form, necessary to retain the allocation.

In accordance with Section 146(f) of the Code, if an Issuer has multiple years of carryforwards elected for the same purpose, such volume cap shall be used in the order of the calendar years in which they arose, beginning with the oldest.