TITLE

Proposed Refunding Rules Released; Lawyers Voice Concern

AUTHOR(S)
Duff, Susanna
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/13/2003, Vol. 344 Issue 31634, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Internal Revenue Service's proposed private-activity regulations for refunding bonds could create additional burdens for issuers, tax attorneys attending the American Bar Association's tax-exempt financing committee warned. The proposed regulations would require issuers to calculate the private business use and payments of bonds that fall under the 1986 bond rules before refunding them. Bruce Serchuk, an attorney advisor in the Treasury Office of Tax Policy and co-author of the proposed rule, said issuers should be keeping track of their records, and added he did not know how to draft rules for issuers who didn't keep records.Steve Watson, associate tax legislative counsel for Treasury and the co-author of the proposed rule, said the issuer would have two sets of bonds outstanding.
ACCESSION #
9893073

 

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