WASHINGTON, March 12 -- Internal Revenue Service has issued a proposed rule called: Guidance on Tax-Exempt Refunding Bonds.
The proposed rule was published in the Federal Register on March 12 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains proposed regulations that would update certain arbitrage rules and definitions applicable to tax-exempt and other tax-advantaged bonds by clarifying the time and manner for requesting refunds of overpayment of rebate to the United States, the special transition rule for transferred proceeds, the limitation on allocations to expenditures, and the IRS address for filing defeasance notices. These proposed regulations would also revise the provision addressing certain perpetu...