Treasury Department Proposed Rule

2018-12565: Arbitrage Investment Restrictions on Tax-Exempt Bonds

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Summary

This document contains proposed regulations regarding the arbitrage investment 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. The proposed regulations would clarify existing regulations regarding the definition of "investment-type property" covered by arbitrage restrictions by expressly providing an exception for investments in capital projects that are used in furtherance of the public purposes of the bonds. The proposed regulations affect State and local governmental issuers of these bonds and potential investors in capital projects financed with these bonds.

The agency’s own summary, as published.

What this changes

Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.

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