(a) An issuer may apply for a carryforward designation at any time during the year in which the designation is sought.
(b) An issuer that applies for a carryforward designation may not apply later in the same year for a reservation for the same project.
(c) An issuer may apply for the carryforward designation of an amount that is not more than the greater of:
(1) $50 million; or
(2) 1.70 percent of the available state ceiling.
(d) The board by rule shall prevent an issuer from applying for a carryforward designation in an amount that is greater than the amount needed.
(e) A carryforward designation granted under this section must comply with the Internal Revenue Code of 1986.