IRS RELEASES GUIDANCE ON WHEN BONDS ARE CONSIDERED ISSUED
The Internal Revenue Service (IRS) today issued guidance on the determination of when state and local bonds are considered “issued” for purposes of volume cap limitations on private activity bonds. Notice 2011-63 provides information on the bond issuances for purposes of volume cap allocations, examples illustrating the issuance requirements and instructions on reporting information to the IRS. Notice 2011-63 amends Notice 2010-81. Tune in to the Tax Credit Tuesday podcast on August 9 to learn more about the new guidance.