[Federal Register Volume 72, Number 178 (Friday, September 14, 2007)]
[Rules and Regulations]
[Page 52470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-18180]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9339]
RIN 1545-BG44


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

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final and temporary regulations.

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SUMMARY: This document contains corrections to final and temporary 
regulations (TD 9339) that were published in the Federal Register on 
Monday, July 16, 2007 (72 FR 38767) 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.

DATES: The correction is effective September 14, 2007.

FOR FURTHER INFORMATION CONTACT: Timothy L. Jones or Zoran Stojanovic, 
(202) 622-3980 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations that are the subject of this 
correction are under section 1397E of the Internal Revenue Code.

Need for Correction

    As published, final and temporary regulations (TD 9339) contain 
errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the final and temporary regulations 
(TD 9339), which was the subject of FR Doc. E7-13665, is corrected as 
follows:
    1. On page 38767, column 3, in the preamble, under the caption 
DATES:, line 4, the language ``applicability, see Sec.  1.1397E-1(m) 
of'' is corrected to read ``applicability, see Sec.  1.1397E-1T(m) 
of''.
    2. On page 38768, column 3, in the preamble, under the paragraph 
heading ``C. Proceeds for Purposes of the Use and Spending 
Requirements'', line 3 of the paragraph, the language ``provisions of 
QZAB provisions'' is corrected to read ``QZAB provisions''.
    3. On page 38769, column 3, in the preamble, under the paragraph 
heading ``II. Maximum Term'', lines 1 and 2 from bottom of the fourth 
paragraph of the column, the language ``securities (http://www.publicdebt.treas.gov).'' is corrected to read ``securities (https://www.treasurydirect.gov).''.
    4. On page 38772, column 1, in the preamble, under the subparagraph 
heading ``3. Failure to Properly Use Proceeds'', third paragraph, the 
language ``The Temporary Regulations retain these provisions.'' is 
inserted at the end of the paragraph.
    5. On page 38774, column 1, in the preamble, under the paragraph 
heading ``Effective/Applicability Dates'', last line of the fourth 
paragraph, the language ``Sec.  1.1379E(m),'' is corrected to read 
``Sec.  1.1379E--1T(m).''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E7-18180 Filed 9-13-07; 8:45 am]
BILLING CODE 4830-01-P