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New Proposed Rules on Tax-Advantaged Bonds
On March 11, the Treasury Department and IRS proposed regulations (“Guidance on Tax-Exempt Refunding Bonds”) 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 U.S. Treasury;
- Special transition rule for transferred proceeds;
- Limitation on allocations to expenditures; and,
- IRS address for filing defeasance notices.
The new proposed rules will be a topic of discussion during the TLC March All-Hands Meeting on Tuesday, March 17 at 1:00pm ET / 10:00am PT.