IRS Releases Guidance on Refinancing Projects Financed with Go Zone Bonds


The IRS has released Notice 2012-3, which provides that projects originally financed with tax-exempt Gulf Opportunity Zone Bonds (“GO Zone Bonds”) may be refinanced on a tax-exempt basis after December 31, 2011, the date on which authority to issue GO Zone Bonds expires.

While tax-exempt private activity bonds generally may be refinanced on a tax-exempt basis, the Gulf Opportunity Zone Act is silent as to the permissibility of current refundings of GO Zone Bonds. Notice 2012-3 clarifies that GO Zone Bonds may be currently refunded on a tax-exempt basis (directly or indirectly in a series of current refundings) so long as the following requirements are met...

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  GO Zone Bonds, IRS, Refinancing, Tax-Exempt Bonds

Published In: Administrative Agency Updates, Finance & Banking Updates, Tax Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Butler Snow LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »