SECTION 11. REMEDIAL ACTIONS

The Treasury Department and the IRS expect that the Temporary Regulations will provide that, for purposes of the requirement of section 54(d)(1)(B) that qualified borrowers use at least 95 percent of the proceeds of an issue of CREBs for capital expenditures for qualified projects, a “deliberate action” taken by a qualified issuer or qualified borrower may cause such proceeds to fail to be used for such qualified use. For this purpose, the term “deliberate action” will have the same meaning as used in § 1.141–2(d)(3), except that “section 54” will be substituted for “section 141” in § 1.141–2(d)(3)(i). The Treasury Department and the IRS further expect that the Temporary Regulations will