IRS Bond Guidance

Internal Revenue Code Section 142

Internal Revenue Code Section 142
Exempt facility bond

Forms

Form 8038
April 2011
Information Return for Tax Exempt Private Activity Bond Issues

Form 8038-R
April 2011
Recovery of Overpayment Under Arbitrage Rebate Provisions

Form 8821
August 2008
Tax Information Authorization

Form 13907
August 2007
Tax-Exempt Bond Financings Compliance Check Questionnaire  

Form 8038-T
January 2005
Arbitrage Rebate & Penalty in Lieu of Arbitrage Rebate

Form 8328
January 2003
Carryforward Election of Unused Private Activity Bond Volume Cap

Private Letter Rulings

PLR 200036033
December 3, 2000
Arbitrage; In response to a ruling request concerning the allocation of certain of the proceeds of the Specified Bonds for arbitrage purposes.

PLR 200013037
December 1, 2000
CarryForward of Allocation of Volume Cap

PLR 201429005
April 3, 2014
Requesting an Extension of Time to Make Elections Pursuant to § 301.9100-1 of the Procedure and Administration Regulations

PLR 201049018
December 10, 2010
50 Percent Test; Section 42(h)(4)(B)

PLR 200601021
July 8, 2006
Ownership by Two Partnerships of a Qualified Residential Rental  Project under Section 142

PLR 200527014
July 8, 2005
Arbitrage; In response to a request for a ruling that a guarantee of the Bonds backed by Fund A pursuant to the Program will not cause the Amounts in Fund A to be treated as replacement proceeds of the Bonds.

PLR 200527009
July 8, 2005
Arbitrage; In response to a ruling request on behalf of State that amounts, if any, in State's General Fund, Special Fund and Budget Account will not result in "other replacement proceeds" of the Bonds within the meaning of §1.148-1(c)(4).

PLR 200422046
May 28, 2004
CarryForward of Allocation of Volume Cap

PLR 200406028
February 6, 2004
CarryForward of Allocation of Volume Cap

PLR 200345022
November 7, 2003
Qualified Residential Rental Project; In response to a ruling request under § 142(d) of the Internal Revenue Code of 1986 that certain types of leases of certain units in a residential rent project financed with the Bonds will not cause the Project to be treated as: (1) used on a transient basis under §1.103-8(b)(4) of the Income Tax Regulations, or (2) unavailable to members of the general public under §1.103-8(a)(2) for purposes of §142(d).

PLR 200345004
November 7, 2003
CarryForward of Allocation of Volume Cap

PLR 200339011
September 26, 2003
CarryForward of Allocation of Volume Cap

PLR 200314005
April 4, 2003
CarryForward of Allocation of Volume Cap

PLR 200306003
February 7, 2003
Qualified Residential Rental Project; In response to a request for a private letter ruling regarding the applicable qualified project period for the Refunding Bonds.

PLR 200248004
November 29, 2002
CarryForward of Allocation of Volume Cap

PLR 200248003
November 29, 2002
CarryForward of Allocation of Volume Cap

PLR 200232002
August 9, 2002
CarryForward of Allocation of Volume Cap

PLR 200428022
April 28, 2002
Arbitrage; In repsonse to the request for a ruling that the Trust corpus will not constitute "replacement proceeds" of the bonds under Section 148.

PLR 200212022
March 22, 2002
CarryForward of Allocation of Volume Cap

PLR 200211026
March 15, 2002
CarryForward of Allocation of Volume Cap

PLR 200210006
March 8, 2002
Arbitrage; In response to a request on behalf of the Authority for rulings that: (1) the operating expenses to be paid with proceeds of the Notes are described in §1.148-6(d)(3)(ii)(B) of the Income Tax Regulations and therefore, are not subject to the proceeds-spent last method of accounting set forth in §1.148-6(3)(i); and (2) the net sale proceeds and investment proceeds of the Notes qualify for the 3 year temporary period under §148-2(e)(2)(i) and may be invested in higher yielding investments during such period without causing the Notes to be arbitrage bonds within the meaning of Section 148.

PLR 200208014
February 22, 2002
CarryForward of Allocation of Volume Cap

PLR 200147015
November 23, 2001
Arbitrage; In response to a request for a ruling that the bonds of the Project Issue will not be issued earlier than necessary for purposes of §1.148-10(a)(4) of the Income Tax Regulations.

PLR 200147014
November 23, 2001
CarryForward of Allocation of Volume Cap

PLR 200152027
September 27, 2001
Arbitrage; Whether the 15-month term of the TRANs constitutes overburdening the market under §1.148-10(a)(4) of the Income Tax Regulations because the TRANs are outstanding longer than necessary to accomplish the County's governmental purposes.

PLR 200135018
August 31, 2001
CarryForward of Allocation of Volume Cap

PLR 200128002
July 13, 2001
CarryForward of Allocation of Volume Cap

PLR 200123025
June 8, 2001
CarryForward of Allocation of Volume Cap

PLR 200119045
May 11, 2001
Arbitrage; In response to ar request on behalf of the Issuer for a ruling that payments on the swap described below be taken into account in the computation of yield on certain nonpurpose investments of the Issuer for purposes of the yield restriction and arbitrage rebate rules under Section 148.

PLR 200103058
January 19, 2001
CarryForward of Allocation of Volume Cap

PLR 200040026
October 6, 2000
CarryForward of Allocation of Volume Cap

PLR 200022038
June 2, 2000
Qualified Mortgage Revenue Bonds; In response to a ruling request concerning the use of proceeds of tax-exempt bonds to finance the purchase of certain residential mortgage loans. Specifically, whether residences that are located on Indian reservation lands within the boundaries of the State are "located within the jurisdiction of" the Agency for purposes of §143(c)(1)(B).

PLR 200038001
December 3, 1979
Assisted Living Facility; In response to a request for a private letter ruling that the Facility will be a qualified residential rental project for purposes of IRC §142(d).

Notices

Notice: Arbitrage Rebate Overpayments on Tax-Exempt Bonds
September 16, 2013
Arbitrage Rebate Overpayments on Tax-Exempt Bonds

Notice: Arbitrage Restrictions on Tax-Exempt Bonds
September 16, 2013

Notice 2013-9
September 2013
Temporary Shelter for Individuals Displaced by Hurricane Sandy

Notice 2013-40
April 2013
Suspends Certain Requirements to Provide Emergency Housing Relief Due to Severe Storms and Tornadoes in the State of Oklahoma

Notice 2013-39
March 2013
Provides Relief to Residential Rental Projects Financed With Tax-Exempt Bonds Due to the Effects of Severe Storms in Oklahoma

Notice 2012-3
March 2012
Current Refundings of Tax-Exempt Bonds in Certain Disaster Relief Bond Programs

Notice 2011-63
June 2011
State and Local Bonds: Volume Cap and Timing of Issuing Bonds

Notice 2010-81
August 2010
Build America Bonds and Other State and Local Bonds: Timing of Issuing Bonds

Notice 2010-35: Direct Payment Subsidy Option for Certain Qualified Tax Credit Bonds and Build America Bonds
April 26, 2010

Notice 2010-10: Tax-exempt Bonds in Certain Disaster Areas
January 19, 2010
Tax-exempt Bonds in Certain Disaster Areas

Notice 2009-50: Recovery Zone Bond Volume Cap Allocations
June 29, 2009

Notice 2006-93
September 2006
Information Reporting Requirements for Payments of Interest on Tax-Exempt Bonds

Notice 2006-41
April 2006
Gulf Opportunity Zone Bonds, Gulf Opportunity Zone Advance Refunding Bonds and Gulf Tax Credit Bonds

Notice 2006-21
February 2006
Gulf Opportunity Zone Bonds, Gulf Opportunity Zone Advance Refunding Bonds, and Gulf Tax Credit Bonds

Notice 2005-47
April 2005
Application of Circular 230 to State or Local Bond Opinions

Notice 2005-28
February 2005
"Green Bonds" Extension

Notice 2004-21
February 2004
Volume Cap Census Numbers for 2004

Notice 2003-42
April 2003
Deadline for issuing authority to reassign volume cap to another authority under Section 146

Notice 2003-41
April 2003
Deadline for Allocating Private Activity Bond State Ceiling Among Issuing Authorities Under Section 146(e)

Notice 2002-56
May 2002
Population figures to be used for calculating the limitation under Section 142(k)(5) of the annual aggregate face amount of tax-exempt bonds described in Section 142(a)(13)

Notice 2002-10
January 2002
Use of gross proceeds of qualified 501(c)(3) bonds to acquire investments

Notice 2001-60
June 2001
Closing agreement program for tax-exempt bonds (TEB VCAP)

Notice 2001-49
April 2001
Safe harbor under which an issue of tax or revenue anticipation bonds will not be treated as outstanding longer than is reasonably necessary to accomplish the governmental purposes of the bonds under section 1.148-10(a)(4)

Revenue Procedures

Rev. Proc. 2011-52
May 2011
Private activity bonds volume cap

Rev. Proc. 2006-17
January 2006
Average area purchase price safeharbors

Rev. Proc. 2004-71
July 2005
Inflation Adjustments for 2005

Rev. Proc. 2005-30
March 2005
Procedures for obtaining automatic extension to make volume cap carryforward election

Rev. Proc. 2005-22
February 2005
Area Median Gross Income Figures

Rev. Proc. 2005-15
January 2005
Provides issuers of qualified mortgage bonds with (1) the nationwide average purchase for residences in the US and (2) average area purchase price safe harbors for residences in statistical areas in each state, DC, and US territories.

Rev. Proc. 2004-72
2005
Maximum face amount of Qualified Zone Academy Bonds that may be issued for each State for the calendar year 2005.

Rev. Proc. 2004-39
March 2004
Sets forth procedures for determining whether a residential rental project is in compliance with the applicable set-aside requirements contained in section 142(d) during the qualified project period (as defined in section 142(d)(2)(A))

Rev. Proc. 2003-46
April 2003
Sets forth procedures under IRC section 146(f) for correcting certain Forms 8328 (Carryforward Election of Unused Private Activity Bond Volume Cap) that were improperly filed by an authority (other than the issuing authority) authorized under state law to allocate state private activity bond volume cap to issuing authorities

Rev. Proc. 2003-15
January 2003
(as defined in section 25(c)) with a list of qualified census tracts for each state and the District of Columbia

Rev. Proc. 2002-70
2003
Provides that, for calendar years beginning in 2003, the amount used under section 146(d)(1) to calculate the State ceiling for the volume cap for private activity bonds is the greater of (1) $75 multiplied by the state population or (2) $228,580,000.

Rev. Proc. 2002-72
July 2002
Allocates among the States the national limitation for Qualified Zone Academy Bonds for the calendar year 2003. For this purpose, the term “State” includes the District of Columbia and the possessions of the United States.

Rev. Proc. 2002-71
July 2002
Sets out a list of time-sensitive tax-exempt bond related acts required by the Code or regulations that may be postponed by those affected by presidentially-declared disasters.

Rev. Proc. 2002-25
February 2002
Allocates among the States the 2002 national limitation amount of Qualified Zone Academy Bonds that may be issued for the calendar year 2002.

Rev. Proc. 2001-1
January 8, 2001
Guidance with respect to filing requests for rulings from the Office of the Associate Chief Counsel (TE/GE) concerning excludability of interest on bonds from gross income under section 103

Rev. Proc. 99-35
October 12, 1999
Procedures for issuers to request an administrative appeal to the Office of Appeals of a proposed determination by the District office that interest on a bond issue is not excludable from gross income under section 103

Rev. Proc. 97-15
February 3, 1997
Provides a program under which an issuer of state or local bonds may request a closing agreement regarding outstanding bonds which fail to meet certain requirements of sections 141 through 150

Rev. Proc. 2001-39
January 1997
Modifies the definitions of capitation fee and per-unit fee set forth in Rev. Proc. 97-13, 1997-1 I.R.B. 632 , to permit an automatic increase of those fees according to the specified, objective, external standard that is not linked to the output or efficiency of a facility (for example, the Consumer Price Index).

Rev. Proc. 92-83
February 1992
Provides guidance to issuers of tax-exempt bonds that seek to recover over-payments of amounts paid under sections 1.48-1 through 1.148-8 

Rev. Proc. 90-11
January 1990
Provides issuers of state or local bonds described in section 103(a) of the Internal Revenue Code with guidance for filing (1) a request for an extension of time to pay a correction amount of arbitrage rebate, (2) an explanation of an innocent failure to meet a requirement for payment of arbitrage rebate, or (3) a request for a ruling regarding a failure (other than an innocent failure or one that is so treated) to meet a requirement for payment of arbitrage rebate.

Rev. Proc. 88-10
January 1988
Provides guidance to issuers of state or local bonds for requesting an extension of time to file the statement of information required by section 149(e)

TAMs

TAM 201118012
January 19, 2011
Whether the entrance fees collected by Borrower are properly characterized as replacement proceeds within the meaning of § 148 of the Internal Revenue Code and § 1.148-1(c) of the Income Tax Regulations

TAM200413012
November 26, 2003
For purposes of the "5%" rule (Section 148-6(d)(3)(iii)(B)), do the "actual working capital expenditures of the issuer in the prior fiscal year" include expenditures made from amounts that were restricted to use for expenditures other than working capital of the type financed?

TAM200215005
April 12, 2002
Responds to a letter dated March 14, 2000, and subsequent correspondence, submitted on behalf of P by its authorized representatives, requesting rulings under §29 and §702

TAM200043016
October 27, 2000
What costs incurred in the construction of a low-income housing building are included in eligible basis under section 42(d)(1) of the Internal Revenue Code? Specifically, are local impact fees, certain land preparation costs, construction loan costs, and certain contractor fees incurred by the Taxpayer in constructing the Project included in eligible basis under section 42(d)(1)?

TAM200051001
June 15, 2000
Whether the Swap Agreements constitute a qualified hedge under §1.148-4(h)(2) with respect to the Bonds, whether the actual amount of rebate payments with respect to the Bonds may be future valued for purposes of determining the amount of a rebate overpayment under §1.148-3(i)(1)

Publications

Your Responsibilities as a Conduit Issuer of Tax-Exempt Bonds
Internal Revenue Service and Tax Exempt and Government Entities 

Publication 3755: Tax Exempt Bonds Filing Requirements
Internal Revenue Service and Tax Exempt and Government Entities (TE/GE) Operating Division

Publication 4079: Tax-Exempt Governmental Bonds Compliance Guide
Tax-Exempt Governmental Bonds Compliance Guide

Publication 4078: Tax Exempt Private Activity Bonds Compliance Guide
Tax Exempt Private Activity Bonds Compliance Guide

Publication 4077
Tax Exempt Bonds for 501(c)(3) Charitable Organizations

Publication 5091
Voluntary Compliance for Tax-Exempt and Tax-Credit Bonds

Other

Public Approval of Tax-Exempt Private Activity Bonds 
September 28, 2017

Tax Exempt Bond FY 2012 Work Plan
2012
Operating priorities and program guidance for implementing the Tax Exempt Bonds portion of the TE/GE Strategic and Program Plan for fiscal year 2012.

Tax Exempt Bond FY 2011 Work Plan
2011
Operating priorities and program guidance for implementing the Tax Exempt Bonds portion of the TE/GE Strategic and Program Plan for fiscal year 2011.

Statistics of Income Bulletin: Municipal Bonds, 2009
2011
Internal Revenue Service, Fall 2011

Proposed Rule: Public Approval Guidance for Tax-Exempt Bonds
September 9, 2008
This document contains proposed regulations on the public approval requirements under section 147(f) of the Internal Revenue Code (Code) applicable to tax-exempt private activity bonds issued by State and local governments.

Tax Exempt Bond FY2008 Work Plan
2008
Operating priorities and program guidance for implementing the Tax Exempt Bonds portion of the TE/GE Strategic and Program Plan for fiscal year 2008.