IRS Provides Issuers of Tax-Advantaged Debt With New ‘DIY’ Tools to Fix Nonqualified Use

On April 11, 2018, the IRS released Revenue Procedure 2018-26, which provides an expansion of the remedial actions available to issuers of tax-advantaged bonds. Specifically Rev. Proc. 2018-26 provides:
• Additional options for issuers seeking to remediate private business use associated with eligible long-term leases; and

• Options for remediating ‘‘build America bonds’’ and qualified tax credit bonds, such as qualified school construction bonds.

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