[Federal Register Volume 75, Number 164 (Wednesday, August 25, 2010)] [Rules and Regulations] [Pages 52266-52267] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: C1-2010-21045] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9495] RIN 1545-BC61 Qualified Zone Academy Bonds; Obligations of States and Political Subdivisions; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. ----------------------------------------------------------------------- SUMMARY: This document contains a correction to final regulations (TD 9495) that were published in the Federal Register on Friday, July 30, 2010 (75 FR 44901) providing guidance to state and local governments that issue qualified zone academy bonds and to banks, insurance companies, and other taxpayers that hold those bonds on the program requirements for qualified zone academy bonds. [[Page 52267]] DATES: This correction is effective on August 25, 2010, and is applicable on July 30, 2010. FOR FURTHER INFORMATION CONTACT: Zoran Stojanovic, (202) 622-3980 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations (TD 9495) that are the subject of this document are under section 1397E of the Internal Revenue Code. Need for Correction As published, the final regulations (TD 9495) contain an error that may prove to be misleading and is in need of clarification. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Correction of Publication 0 Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment: PART 1--INCOME TAXES 0 Paragraph 1. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * 0 Par. 2. Section 1.1397E-1 is amended by revising the first sentence of paragraph (m)(3) to read as follows: Sec. 1.1397E-1 Qualified zone academy bonds. * * * * * (m) * * * (3) * * * Except to the extent inconsistent with the successor statutory provisions for QZABs in sections 54A and 54E or applicable public administrative or regulatory guidance under those provisions and except as otherwise provided in this paragraph (m)(3), issuers and taxpayers may apply these regulations to QZABs issued under sections 54A and 54E that are sold after October 3, 2008. * * * LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. C1-2010-21045 Filed 8-24-10; 8:45 am] BILLING CODE 4830-01-P