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Sunday, June 27, 2010

ICI - ICI Submits Comments to the IRS on Stripping Transactions for Qualified Tax Credit Bonds

ICI - ICI Submits Comments to the IRS on Stripping Transactions for Qualified Tax Credit Bonds: "RE: ICI SUBMITS COMMENTS TO THE IRS ON STRIPPING TRANSACTIONS FOR QUALIFIED TAX CREDIT BONDS



The Institute has submitted the attached letter to the Internal Revenue Service (the “IRS”) and the Treasury Department commenting on interim guidance (Notice 2010-28) recently released by the government regarding stripping transactions for qualified tax credit bonds. [1] Specifically, the Institute recommends that the IRS and Treasury Department expand the list of persons with whom a taxpayer may hold a stripped credit coupon, so that a regulated investment company (a “RIC”) clearly is allowed the tax credit when it holds a stripped credit coupon in an account with a custodian. The Institute also recommends that the IRS simplify the information reporting requirements for tax credit bonds and stripped credit coupons with respect to RICs and their shareholders."
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