{"abstract":"This document contains final regulations on the arbitrage restrictions under section 148 of the Internal Revenue Code (Code) applicable to tax-exempt bonds and other tax-advantaged bonds issued by State and local governments. These final regulations amend existing regulations to address certain market developments, simplify certain provisions, address certain technical issues, and make existing regulations more administrable. These final regulations affect State and local governments that issue tax-exempt and other tax-advantaged bonds.","action":"Final regulations.","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Internal Revenue Service","name":"Internal Revenue Service","id":254,"url":"https://www.federalregister.gov/agencies/internal-revenue-service","json_url":"https://www.federalregister.gov/api/v1/agencies/254","parent_id":497,"slug":"internal-revenue-service"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2016/07/18/2016-16558.html","cfr_references":[{"chapter":null,"citation_url":null,"part":1,"title":26}],"citation":"81 FR 46582","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective Date: These final regulations are effective on July 18, 2016.","disposition_notes":null,"docket_ids":["TD 9777"],"dockets":[],"document_number":"2016-16558","effective_on":"2016-07-18","end_page":46599,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2016/07/18/2016-16558.xml","html_url":"https://www.federalregister.gov/documents/2016/07/18/2016-16558/arbitrage-guidance-for-tax-exempt-bonds","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2016-16558?publication_date=2016-07-18","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2016-07-18/2016-16558/mods.xml","not_received_for_publication":null,"page_length":18,"page_views":{"count":4735,"last_updated":"2026-07-27 14:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2016-07-18/pdf/2016-16558.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2016-16558.pdf?1468586734","publication_date":"2016-07-18","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2016/07/18/2016-16558.txt","regulation_id_number_info":{"1545-BH38":{"issue":"201604","html_url":"https://www.federalregister.gov/regulations/1545-BH38/guidance-on-arbitrage-ii","title":"Guidance on Arbitrage II","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201604&RIN=1545-BH38&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"},"1545-BG41":{"issue":"201604","html_url":"https://www.federalregister.gov/regulations/1545-BG41/arbitrage-guidance-for-tax-exempt-bonds","title":"Arbitrage Guidance for Tax-Exempt Bonds","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201604&RIN=1545-BG41&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["1545-BG41","1545-BH38"],"regulations_dot_gov_info":{"supporting_documents":[],"comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=IRS-2007-0113","supporting_documents_count":0,"docket_id":"IRS-2007-0113","regulation_id_number":null,"title":"Arbitrage Guidance For Tax-Exempt Bonds ","checked_regulationsdotgov_at":"2016-08-07T06:00:12Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":46582,"subtype":null,"title":"Arbitrage Guidance for Tax-Exempt Bonds","toc_doc":"Arbitrage Guidance for Tax-Exempt Bonds","toc_subject":null,"topics":["Income taxes","Reporting and recordkeeping requirements"],"type":"Rule","volume":81}