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Post details: Qualified Zone Academy Bond Limitations Announced for 2006 and 2007 (Rev. Proc. 2007-18)
11/05/07
Qualified Zone Academy Bond Limitations Announced for 2006 and 2007 (Rev. Proc. 2007-18)
CCH (cch.taxgroup.com) reports:
The IRS has published a table that sets forth the maximum face amount of Qualified Zone Academy Bonds that may be issued for each state, including the District of Columbia and U.S. possessions, during 2006 and 2007. Code Sec. 1397E
provides a credit to holders of such bonds under certain circumstances so that the bonds can generally be issued without discount or interest. Pursuant to the statute, 95 percent of the bond proceeds are to be used for qualified purposes with respect to a qualified zone academy. The aggregate amount of bonds that may be issued for the states is subject to a national limitation of $400 million for 2006 and 2007. That amount is to be allocated among the states on the basis of their respective populations below the poverty level, and is to be further allocated by the states to qualified zone academies. A limitation amount may be carried forward only to the first two years (three years for carryforwards from 1998 or 1999) following the unused limitation year.
Rev. Proc. 2007-18, 2007FED ¶46,271
Other References:
Code Sec. 1397E
CCH Reference - 2007FED ¶32,407.50
Tax Research Consultant
CCH Reference - TRC BUSEXP: 57,156
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