IRS Releases Guidance on Refinancing Projects Financed with Go Zone Bonds

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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...

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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.

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