IRS Releases Notice 2012-3 Providing Guidance on Current Ref
Posted: Wed Dec 28, 2011 7:41 pmIRS Releases Notice 2012-3 Providing Guidance on Current Refunding Issues Related to Certain Disaster Relief Bond Programs
Notice 2012-3 provides guidance on current refunding issues (as defined in Treas. Reg. ยง1.150-1(d)(3)) that refund outstanding prior issues of bonds that qualify for tax-exempt bond financing under certain disaster relief bond programs. The Notice applies to current refunding issues that are used (directly or indirectly in a series of current refunding issues) to refund original tax-exempt bonds that met the qualification requirements for one of the following programs: (1) qualified Gulf Opportunity Zone Bonds under section 1400N of the Internal Revenue Code; (2) qualified Midwestern disaster area bonds under section 702(d)(1) of the Heartland Disaster Tax Relief Act of 2008 (the Heartland Disaster Act); and (3) qualified Hurricane Ike disaster area bonds under section 704(a) of the Heartland Disaster Act.
Notice 2012-3 will appear in IRB 2012-3 dated Jan. 17, 2012.
http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTExMjI4LjQ2OTQ0MjEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTExMjI4LjQ2OTQ0MjEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNjgyNjA3NyZlbWFpbGlkPWppbXRha2VkYUBnbWFpbC5jb20mdXNlcmlkPWppbXRha2VkYUBnbWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&113&&&http://www.irs.gov/pub/irs-drop/n-12-03.pdf
Notice 2012-3 provides guidance on current refunding issues (as defined in Treas. Reg. ยง1.150-1(d)(3)) that refund outstanding prior issues of bonds that qualify for tax-exempt bond financing under certain disaster relief bond programs. The Notice applies to current refunding issues that are used (directly or indirectly in a series of current refunding issues) to refund original tax-exempt bonds that met the qualification requirements for one of the following programs: (1) qualified Gulf Opportunity Zone Bonds under section 1400N of the Internal Revenue Code; (2) qualified Midwestern disaster area bonds under section 702(d)(1) of the Heartland Disaster Tax Relief Act of 2008 (the Heartland Disaster Act); and (3) qualified Hurricane Ike disaster area bonds under section 704(a) of the Heartland Disaster Act.
Notice 2012-3 will appear in IRB 2012-3 dated Jan. 17, 2012.
http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTExMjI4LjQ2OTQ0MjEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTExMjI4LjQ2OTQ0MjEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNjgyNjA3NyZlbWFpbGlkPWppbXRha2VkYUBnbWFpbC5jb20mdXNlcmlkPWppbXRha2VkYUBnbWFpbC5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&113&&&http://www.irs.gov/pub/irs-drop/n-12-03.pdf