The IRS has issued a notice that addresses the new Federal refundable tax credit subsidy option for certain qualified tax credit bonds and Build America Bonds under the Hiring Incentives to Restore Employment Act (the “HIRE Act”). The IRS and the Treasury Department plan to implement the refundable credit payment procedures for Direct Pay Tax Credit Bonds in order to be able to process requests for refundable credit payments with respect to interest payments due on or after September 1, 2010, to enable issuers to begin issuing these bonds for qualified purposes. Read more…
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