Notice 2008-70 (Qualified Forestry Conservation Bonds)
This Notice solicits applications for authority to issue qualified forestry conservation bonds (QFCBs) under section 54B(c) of the Internal Revenue Code (the "Code"). There is a national limitation of $500,000,000 on the volume of QFCBs that may be authorized.
Rev. Proc. 2008-37 (Claims for Recovery of Overpayments of Arbitrage Rebate and Similar Payments)
This Revenue Procedure provides guidance for issuers of tax-exempt bonds regarding the procedures for claims for recovery of overpayments under §1.148-3(i) of amounts paid to the U.S. under §148 relating to the arbitrage rebate requirement, the penalty in lieu of rebate provisions, or the yield reduction provisions.
Notice 2008-41 (Reissuance Standards for State and Local Bonds)
This Notice clarifies, amends, supplements, and supersedes Notice 2008-27, 2008-10 I.R.B. 543 (March 10, 2008), regarding reissuance standards for tax-exempt bonds.
Notice 2008-31 (Voluntary Closing Agreement Program For Tax-Exempt Bonds and Tax Credit Bonds)
This Notice provides information about the voluntary closing agreement program for tax-exempt bonds and tax credit bonds("TEB VCAP"). The Notice modifies and supercedes Notice 2001-60, 2001-2 C.B. 304.
Rev. Proc. 2008-19 (Median Gross Income Figures to be used by Issuers of Qualified Mortgage Bonds)
This Revenue Procedure provides guidance with respect to the U.S. and area median gross income figures that are to be used by issuers of section 143(a) qualified mortgage bonds and section 25(c) mortgage credit certificates to compute the housing-cost-to-income ratio of section 143(f)(5).
Rev. Proc. 2008-17 (Average Residential Purchase Prices to be used by Issuers of Qualified Mortgage Bonds)
This Revenue Procedure provides issuers of qualified mortgage bonds and issuers of mortgage credit certificates with the nationwide average purchase prices for residences located in the U. S. and the average area purchase price safe harbors for residences located in statistical areas in the states.
Notice 2008-27 (Reissuance Standards for State and Local Bonds)
The IRS and Treasury Dept. expect to issue regulations under section 150 of the Code of 1986 to modify and clarify the determination of when tax-exempt bonds are treated as reissued or retired solely for purposes of section 103 and sections 141 through 150. This Notice provides interim guidance.
IRS Announces Energy Bond Allocations
The IRS announced 312 projects that are eligible to be financed with tax-credit bonds under the Clean Renewable Energy Bonds (CREB) Program.
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