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Qualified Zone Academy Bonds; Obligations of States and Political Subdivisions; Correction

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendment.

SUMMARY:

This document contains a correction to final regulations (TD 9495) that were published in the Federal Register on Friday, July 30, 2010 (75 FR 44901) providing guidance to state and local governments that issue qualified zone academy bonds and to banks, insurance companies, and other taxpayers that hold those bonds on the program requirements for qualified zone academy bonds.

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DATES:

This correction is effective on August 25, 2010, and is applicable on July 30, 2010.

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FOR FURTHER INFORMATION CONTACT:

Zoran Stojanovic, (202) 622-3980 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9495) that are the subject of this document are under section 1397E of the Internal Revenue Code.

Need for Correction

As published, the final regulations (TD 9495) contain an error that may prove to be misleading and is in need of clarification.

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List of Subjects in 26 CFR Part 1

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Correction of Publication

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Accordingly,

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PART 1—INCOME TAXES

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Authority: 26 U.S.C. 7805 * * *

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Qualified zone academy bonds.
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(m) * * *

(3) * * * Except to the extent inconsistent with the successor statutory provisions for QZABs in sections 54A and 54E or applicable public administrative or regulatory guidance under those provisions and except as otherwise provided in this paragraph (m)(3), issuers and taxpayers may apply these regulations to QZABs issued under sections 54A and 54E that are sold after October 3, 2008. * * *

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LaNita Van Dyke,

Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).

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[FR Doc. C1-2010-21045 Filed 8-24-10; 8:45 am]

BILLING CODE 4830-01-P