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IRS 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. §1.150-1(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.
If you have a specific question about Tax Exempt Bonds, call Tax Exempt Bond Customer Service at 1-877-829-5500.
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