Issuance of tribal economic development bonds is subject to a national volume cap for all such bonds and a Published Volume Cap Limit for the aggregate amount of national volume cap that may be allocated per Indian tribal government. Each of these two limitations is determined as described in Notice 2012-48, 2012-31 I.R.B. 102 (July 30, 2012). As of October 1, 2021, the amount of remaining available national volume cap is $61,642,785.49. The Published Volume Cap Limit per Indian tribal government for the two-month period commencing October 1, 2021, is $100,000,000. Please note that, while the Published Volume Cap Limit per Indian tribal government does not change during each two-month period, the amount of available national volume cap may fluctuate during each two-month period.

In Notice 2012-48, 2012-31 I.R.B. 102 (July 30, 2012), the Treasury Department and the IRS provided guidance regarding applications for allocations of the available amount of national bond volume limitation authority (national volume cap) for tribal economic development bonds. The Notice provides that, except as otherwise provided in the Notice, for applications filed with the IRS that meet the requirements detailed in the Notice, the IRS will allocate an amount of available national volume cap equal to the amount requested in the application on a first-come, first-served basis by order of submission date (as defined in the Notice). Notice 2012-48 is modified by Notice 2015-83 PDF to accommodate for draw-down loans.

The Notice also provides that no Indian tribal government will receive an allocation of national volume cap that would cause the aggregate amount of national volume cap allocated to that Indian tribal government pursuant to the Notice (not including certain amounts forfeited as described in the notice) to exceed the Published Volume Cap Limit per Indian tribal government in effect for the period that includes the submission date.

For purposes of this limitation, an Indian tribal government includes the Indian tribal government, together with any political subdivisions of the Indian tribal government, and any entities controlled by the Indian tribal government. An application that requests an allocation of national volume cap in an amount that would cause the Published Volume Cap Limit per Indian tribal government in effect on the date of submission to be exceeded will be treated as incomplete until the day the applicant supplements the application in a manner that complies with the requirements of the notice and does not cause such limit to be exceeded.