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IRS issues guidance that will allow state and local tax exempt bond issuers to allocate the full amount of their volume cap to an entire draw-down loan or commercial paper program on the date they issue the bonds, as long as all the draws are made within three years, practitioners tell BNA. Notice 2011-63 supplements guidance previously issued under Notice 2010-81 on when state and local bonds are considered “issued” under the tax code Section 146 volume cap limitations for private activity bonds. Tax-exempt private activity bonds are typically used by state and local governments to raise money for the construction or rehabilitation of infrastructure projects, such as housing and schools. However, Congress imposes an annual limitation on the amount of bonds allocated to each state based on population, known as volume caps.
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