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Final regulations: Treatment of tax-exempt bonds as retired

Final regulations address when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150

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December 27, 2024

The U.S. Treasury Department and IRS today released final regulations (T.D. 10020) that address when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150.

The final regulations finalize proposed regulations (REG-141739-08) issued in December 2018, with certain revisions in response to the comments received.

The final regulations apply to events occurring and actions taken with respect to bonds on or after December 30, 2025, though an issuer may choose to apply the final regulations to events occurring and actions taken with respect to bonds on or after the date the final regulations are published in the Federal Register, which is scheduled to be December 30, 2024.

Notice 88-130 and Notice 2008-41, which provide current rules for determining when a tax-exempt bond is retired for purposes of sections 103 and 141 through 150, are obsolete as of December 30, 2025, but issuers may continue to apply the notices until that date.

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