Information about tax-advantaged bonds, including tax-exempt, tax credit and direct pay bonds. Resources for issuers, borrowers and bond professionals.

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Recent Developments

Changes to guidance, law and procedures that affect tax-exempt bonds.

  • Telephonic public approval hearings permitted permanently (April 8, 2022)
    The IRS has released Revenue Procedure 2022-20, which provides guidance regarding the public approval requirement under Section 147(f) of the Internal Revenue Code for tax-exempt qualified private activity bonds. For more information, review the April 8, 2022 newsletter.

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Voluntary Closing Agreement Program (VCAP)

Resolve violations of federal tax laws applicable to tax-advantaged bonds

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Forms and Filing Requirements

Forms and instructions for 8038 Series and other forms for tax-advantaged bonds

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Community Newsletter

Tax Exempt Bonds Community E-News


Post Issuance Compliance

General information on post-issuance compliance responsibilities of issuers of tax-advantaged bonds

Basic Concepts


Complaints or Referrals


Self Correction


Published Guidance and Resources

Announcements, Notices, Internal Revenue Manual, Revenue Procedures, Treasury Regulations, Issue Snapshots

Tax Exempt Bonds Toolkit

Published Guidance


Issue Snapshots

Internal Revenue Manual (IRM) Materials


Tax Credit and Direct Pay Bonds

Information for issuers of tax credit & direct pay bonds.

Filing Requirements - Form 8038-CP
Information to assist issuers in filing Form 8038-CP used to claim refundable credits payable to issuers of direct pay bonds

Qualified and Specified Tax Credit Bonds - General FAQs
Qualified tax credit bonds allow quarterly tax credits to bondholders, specified tax credit bonds provide a direct payment to the issuer instead of a tax credit to bondholders

Reference Materials

Tax Information for Bond Holders
Information on the tax treatment of investment income from bonds

Understanding the Tax Exempt Bonds Examination Process
General Rules and Procedures that are followed in examinations and how to correct certain compliance problems

These publications provide a general overview of federal tax law rules that apply to different types of tax advantaged bonds

Avoid Troubled Tax Advantaged BondsPDF
IRS report identifying potential compliance problems faced by issuers during the transaction development, execution and post-issuance phases.