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TREAS/IRS RIN: 1545-BO77 Publication ID: Spring 2019 
Title: Arbitrage Investment Restrictions of Tax-Exempt Bonds 

The final regulations amend existing regulations under section 148 of the Internal Revenue Code regarding the definition of investment-type property covered by arbitrage restrictions to provide an exception for investments in capital projects that are used in furtherance of the public purposes of the bonds. The final regulations affect State and local governmental issuers of tax-exempt bonds and tax-advantaged bonds and potential investors in capital projects financed with these bonds.

Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 26 CFR 1.148-1   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 148(i)   
Legal Deadline:  None
Action Date FR Cite
NPRM  06/12/2018  83 FR 27302   
NPRM Comment Period End  09/10/2018 
Final Action  06/00/2019 
Additional Information: REG-106977-18 (NPRM) Drafter attorney: Lewis Bell (202) 317-6980 Reviewer attorney: Spence Hanemann (202) 317-4554 Treasury attorney: John Cross (202) 622-1782 CC:FIP
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Local, State, Tribal 
Small Entities Affected: Governmental Jurisdictions  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Lewis Bell
Tax Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 3547,
Washington, DC 20224
Phone:202 317-6980
Fax:855 574-9027