Existing regulations clarified regarding definition of “investment-type property” to include exception for investment in capital projects used in furtherance of public purposes of tax-exempt, tax-advantaged bonds, the IRS stated in final regulations released April 8. The arbitrage investment restriction rules affect state and local governmental issuers and potential investors in capital projects financed with bonds. The regulations are effective April 9, 2019. [T.D. 9854, RIN 1545-BO77, 84 Fed. Reg. __ (Apr. 9, 2019)]
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