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IRS PROVIDES GUIDANCE ON CURRENT REFUNDINGS OF TAX-EXEMPT BONDS

Wednesday, December 28, 2011 - 8:00AM

The Internal Revenue Service (IRS) today issued Notice 2012-3 to provide guidance on current refunding issues that are used to refund original tax-exempt bonds under certain disaster relief programs. The notice applies to qualified bonds under the Gulf Opportunity Zone, Midwest Disaster Area and Hurricane Ike Disaster Area programs. The IRS said that a current refunding issue that meets all requirements outlined in the notice may be issued after the specified deadline for the issuance of the original qualified bonds and be treated as an issue of qualified bonds.

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