IRS Notice 2011-63 – Volume Cap and Timing of Issuing Bonds
On August 3, 2011, the Internal Revenue Service (“IRS”) released Notice 2011-63 (the “2011 Notice”), providing supplemental guidance on how to determine when State and local bonds, specifically bonds issued pursuant to a draw-down loan or issued pursuant to a commercial paper program, are considered “issued” for purposes of volume cap limitations under section 146 of the Code. The 2011 Notice amends and supplements Notice 2010-81 that was released November 23, 2010 (the “2010 Notice”).
Also of Interest
- Released Regulatory Relief for Issuers of Certain Tax-Exempt Bonds
Treasury and the Internal Revenue Service released welcome temporary guidance addressing two of the many issues provoked by the COVID 19 pandemic.
- Revised IRS Form 8038-CP
The Internal Revenue Service released a revised version of Form 8038-CP (Return for Credit Payments to Issuers of Qualified Bonds) dated January 2020.
- Guidance from Treasury regarding USD LIBOR Phase-Out
The Hawkins Advisory discusses recently published Proposed Treasury Regulations that provide guidance as to the ability of parties to variable rate debt and other contracts that currently rely on LIBOR as an interest rate benchmark to alter the documents for these transactions for the purpose of incorporating interest rates reflective of other reference rates. The Advisory also reviews the status of other regulatory efforts to prepare the capital markets to transition from broad reliance upon LIBOR.
- Michela Daliana Honored as a 2019 Northeast Women in Public Finance Trailblazer
Michela Daliana was named a 2019 Trailblazer by the Northeast Women in Public Finance for her keen leadership and mentoring women across the industry.