TD 8712 (Final), Definition of Private Activity Bonds; TD 9741, General Allocation and Accounting Regulations Under Section 141; Remedial Actions for Tax-Exempt Bonds
TD 8712 (Final), Definition
of Private Activity Bonds; TD 9741, General Allocation and
Accounting Regulations Under Section 141; Remedial Actions for
Tax-Exempt Bonds
Section 103 provides generally that
interest on certain State or local bonds is excluded from gross
income. However, under sections 103(b)(1) and 141, interest on
private activity bonds (other than qualified bonds) is not
excluded. The regulations provide rules, for purposes of section
141, to determine how bond proceeds are measured and used and how
debt service for those bonds is paid or secured. TD 9741 provides
state and local governmental issuers of tax-exempt bonds with
guidance for applying the private activity bond
restrictions.
US Code:
26
USC 141 Name of Law: Private activity bond; qualified bond
US Code: 26
USC 103 Name of Law: Interest on State and local bonds
TD 9741 was added. This adds an
additional 30,250 burden hours to this collection.
$0
No
No
No
No
No
Uncollected
Allan Hopkins 202-622-6665
allan.m.hopkins@irs.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.