ADMINISTRATIVE

Rev. Proc. 99–11, page 14. Low-income housing credit; alternative collateral pro- gram. This procedure announces the establishment of a collateral program allowing taxpayers to pledge certain United States Treasury securities in lieu of providing a surety bond to avoid or defer recapture of low-income housing tax credits. Rev. Proc. 99–9, page 17. Electronic filing; magnetic media. Specifications are set forth for the magnetic or electronic filing of 1998 Forms 8596. The forms may be filed with the Service using magnetic tape; tape cartridges; 8 mm, 4 mm, and quarter-inch cartridges; 3 ¹ ⁄2-inch diskettes; or electronic filing through the Information Reporting Program Bulletin Board System (IRBBBS). Rev. Proc. 94–56 superseded. Notice 99–2, page 8. Abatement of interest; Presidentially declared disas- ters. Taxpayers are informed of the Service’s application of interest abatement relief under section 915 of the Taxpayer Relief Act of 1997, as amended, and under section 6404(h) of the Code, for certain eligible taxpayers located in areas declared by the President to be disasters. Announcement 99–1, page 41. The Service requests comments on a proposed update of Rev. Proc. 65–17, 1965–1 C.B. 833, regarding the extent to which taxpayers whose income has been adjusted under section 482 of the Code may make certain adjustments to conform their accounts to reflect the section 482 allocation. Announcement 99–7, page 45. Optional standard mileage rates; effective date. Taxpayers are informed that the Service is postponing until April 1, 1999, the effective date of the 31 cents-per-mile business standard mileage rate established in Rev. Proc. 98–63, 1998–52 I.R.B. 25. Rev. Proc. 98–63 modified.