[Federal Register Volume 80, Number 229 (Monday, November 30, 2015)]
[Rules and Regulations]
[Page 74678]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30321]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9741]
RIN 1545-BB23; 1545-BC07; 1545-BH48


General Allocation and Accounting Regulations Under Section 141; 
Remedial Actions for Tax-Exempt Bonds; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains corrections to final regulations (TD 
9741) that were published in the Federal Register on Tuesday, October 
27, 2015 (80 FR 65637). The final regulations on allocation and 
accounting, and certain remedial actions, for purposes of the private 
activity bond restrictions under section 141of the Internal Revenue 
Code that apply to tax-exempt bonds issued by State and local 
governments.

DATES: This correction is effective November 30, 2015 and applicable 
October 27, 2015.

FOR FURTHER INFORMATION CONTACT: Johanna Som de Cerff or Zoran 
Stojanovic at (202) 317-6980 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9741) that are the subject of this 
correction are under sections 141 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9741) contain errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the final regulations (TD 9741), that are subject to 
FR Doc. 2015-27328, are corrected as follows:
    1. On page 65641, in the preamble, third column, the second and 
third sentences of the first full paragraph, under paragraph heading 
``Anticipatory Redemptions, ''the language ``This allows targeting of 
funds other than tax-exempt bond proceeds to finance portions of 
projects that are expected to be used for private business use in the 
future. The intent of this proposed rule is to encourage retirement of 
tax-exempt bonds before the occurrence of nonqualified use.'' is 
corrected to read ``This would have allowed targeting of funds other 
than tax-exempt bond proceeds to finance portions of projects that are 
expected to be used for private business use in the future. The intent 
of this proposed rule was to encourage retirement of tax-exempt bonds 
before the occurrence of nonqualified use''.
    2. On page 65642, in the preamble, first column, first sentence of 
the third full paragraph, under paragraph heading ``Nonqualified 
Bonds,'' the language ``Commenters generally agreed with the proposed 
change that allows any bonds of any issue to be treated as the'' is 
corrected to read ``Commenters generally agreed with the proposed 
change that allows any bonds of an issue to be treated as the''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2015-30321 Filed 11-27-15; 8:45 am]
 BILLING CODE 4830-01-P