IRS Releases Tax-Exempt Governmental Bonds Compliance Guide


Notice: Historical Content

This is an archival or historical document and may not reflect current law, policies or procedures.

IR-2003-55, April 23, 2003

WASHINGTON – The Internal Revenue Service recently posted a new Tax-Exempt Governmental Bonds Compliance Guide, Publication 4079PDF, on the IRS Web site. The new on-line guide provides state and local governments with an overview of the requirements under federal tax law that generally apply to municipal financing arrangements commonly known as governmental bonds. The guide, which will be available in hard copy at a later date, is the first of three educational publications directed toward issuers of tax exempt bonds.

The Governmental Bonds Compliance Guide provides information about filing requirements, the basic rules related to governmental bond issuances as well as an overview of the law relating to the use of bond proceeds and bond-financed property. A brief introduction to the arbitrage and rebate concepts and refunding bonds is also included. In addition, the guide provides bond issuers with an overview of the various outreach and educational services provided by the office of Tax Exempt Bonds.

“Issuing these compliance guides is an integral part of our continuing efforts to provide special assistance to bond issuers and those who are contemplating bond financing as a means of addressing the fiscal needs of their communities,” said Clifford J. Gannett, Manager, Tax Exempt Bonds, Outreach, Planning and Review.

Future publications will address the rules applicable to qualified 501(c)(3) bonds and other qualified private activity bonds.

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