Treasury Regulations

 

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Recent Final Regulations

TD 9845 - 1.147(f)-1 Final regulations for public approval (TEFRA) of tax-exempt bonds
Final regulations on public approval requirements applicable to tax-exempt private activity bonds (TEFRA), published in Federal Register on December 31, 2018.


TD 9854 - 1.148-1(e)(4) Final regulations on arbitrage restrictions on tax-exempt bonds (investment-type property)
Final regulations that clarify existing definition of “investment-type” property under IRC 148 by providing an exception for investment in capital projects used in furtherance of the public purposes of the bonds. Published in the Federal Register on April 9th, 2019.

TD 9495 (Guidance on the program requirements for qualified zone academy bonds - QZABs) PDF
This document removes the temporary regulations and provides final regulations that provide guidance to state and local governments that issue qualified zone academy bonds and to banks, insurance companies, and other taxpayers that hold those bonds on the program requirements for qualified zone academy bonds. The final regulations implement the amendments to section 1397E (discussed in this preamble) and provide guidance on the maximum term, permissible use of proceeds, and remedial actions for qualified zone academy bonds.

TD 9204 (limitations on effective mortgage interest rates under section 143) PDF
This document amends the regulations under section 143(g) of the IRC by providing rules regarding the limitation on the effect rate of mortgage interest for purposes of mortgage revenue bonds issued by State and local governments.

TD 9234 (application of the private business tests and private loan financing test to refunding issues) PDF
The IRS has issued final regulations that address the rules on the application of the prviate business tests and the private loan financing test to refunding issues. The final regulations apply to bonds that are (1) sold on or after 2/17/2006, and (2) subject to the 1997 regulations.

T.D. 9150 [Remedial actions applicable to tax-exempt bonds issued by state and local governments] PDF
This document contains final regulations on the exempt facility bond rules applicable to tax-exempt bonds issued by state and local governments. The regulations amend provisions in the current regulations permitting remedial actions for tax-exempt bonds.

T.D. 9016, 2002-40 I.R.B. 628 PDF
Regulations under IRC section 141 which provide guidance to issuers of tax-exempt bonds in the application of the private business tests to output facilities and in the application of the special $15 million limitation for output facilities. These regulations also amend regulations issued on January 18, 2001.

Recent Proposed Regulations

Regulation 118784-18 Proposed Regulations relating to Transitions from Interbank Offered Rates to Other Reference Rates
Certain bonds and qualified hedges provide for payments to be calculated based on specified interbank offered rates (IBORs). The proposed regulations provide guidance on the transition to the use of reference rates other than IBORs and address the possibility that alteration of a bond or hedge to replace an IBOR with a new reference rate (e.g. changing from LIBOR) could result in a reissuance or have other tax consequences. The proposed regulations were published October 9, 2019 and may be applied prior to their publication as final regulations.

Regulation 141739-087 1.150-3 Proposed Regulations for Reissuance of State and Local Bonds - December 31, 2018
Proposed regulations, published December 31, 2018, that address when tax-exempt bonds are retired for purposes of section 103 and sections 141 through 150 of the Code. Treasury and IRS expect that, after they are finalized, the regulations will obsolete current guidance on reissuance (Notice 88–130 and Notice 2008–41). 

Regulation 140492-02 (Definition of Solid Waste Disposal Facilities for Tax-Exempt Bond Purposes)This document contains proposed regulations on the definition of solid waste disposal facilities for purposes of the rules applicable to tax-exempt bonds issued by State and local governments. These proposed regulations provide guidance to State and local governments that issue tax-exempt bonds to finance solid waste disposal facilities and to taxpayers that use those facilities. This document also withdraws the notice of proposed rulemaking that was published in the Federal Register on May 10, 2004, proposes to remove certain existing regulations that provide rules for determining whether a facility is a solid waste disposal facility, and contains a notice of public hearing on these proposed regulations.

Regulation 106143-07 (Notice of Proposed Rulemaking and Notice of Public Hearing and Arbitrage Guidance for Tax-Exempt Bonds)
This document contains proposed regulations on the arbitrage restrictions under section 148 of the Internal Revenue Code applicable to tax-exempt bonds issued by State and local governments..

Regulation 136806-06 (Treatment of Payments in Lieu of Taxes under Section 141 of the Internal Revenue Code) PDF
This document contains proposed regulations modifying the standards for treating payments in lieu of taxes (PILOTS) as generally appicable taxes for purposes of the private security or payment test under section 141 of the Code. This document also provides notice of a public hearing.

REG-159824-04 (Proposed Regulations governing practice before the IRS, Circular 230) PDF
The proposed modifications to the regulations set forth standards for state or local bond opinions. This document also provides notice of a public hearing regarding the proposed regulations.

REG-142599-02 [Guidance on Mixed Use Output Facilities] PDF
This advance notice provides guidance regarding tax-exempt bonds that are issued for the government use portion of an output facility when that facility is used for both a government use and private business use.

REG-140492-02 [Definition of Solid Waste Disposal Facilities for Tax-Exempt Bond Purposes] (Withdrawn)
These regulations provide guidance to State and local governments that issue tax-exempt bonds to finance solid waste disposal facilities.

REG-113007-99, 2003-23 I.R.B. 10004 PDF
These proposed regulations address the rules regarding the application of the private business tests and the private loan financing test to refunding issues.

REG-105369-00, 2002-18 I.R.B. 828 PDF
These proposed regulations under sections 141 and 148 of the Code provide guidance on the definitions of investment-type property and private loan for the arbitrage and private activity restrictions applicable to tax-exempt bonds issued by state and local governments. A public hearing is scheduled for September 24, 2002. For additional clarification of the proposed regulations with respect to natural gas pre-payments, please see Notice 2002-52 PDF.

REG-165706-01, 2002-16 I.R.B. 787 PDF
These proposed regulations modify the definition of refunding issue applicable to tax-exempt bonds issued by States and local governments. A public hearing is scheduled for July 30, 2002.