For more than 10 years, as the subsidy for direct payment Build America Bonds (BABs) has been less than originally promised due to sequestration, issuers have wondered if sequestration constituted an “extraordinary event”...more
The Internal Revenue Service has announced in Notice 2014-9 that current refunding issues of Recovery Zone Facility Bonds qualify as tax-exempt provided that the current refunding issue meets certain requirements. Generally,...more
On January 13, 2014, the IRS released Notice 2014-9 which contains guidance on the refunding of Recovery Zone Facility Bonds (“RZFBs”) with another issue of RZFBs if certain conditions are met....more