SECTION 8. INFORMATION

REPORTING

a. Information reporting . Section 54A(d)(3) requires issuers of New CREBs to submit information reporting returns to the IRS similar to those required to be submitted under § 149(e) for tax-exempt State or local governmental bonds. These information reporting returns are required to be submitted at the same time and in the same manner as those under § 149(e) on forms prescribed by the IRS. Subject to up

dated IRS information reporting forms or procedures, an issuer of New CREBs should file Form 8038–TC. For this Notice, the term “issue” has the meaning used for taxexempt bond purposes in § 1.150–1(c).

b. Notice of issuance . Not later than 15 days after the proposed bonds are issued, the Applicant shall send to the IRS a notice of issuance (Notice of Issuance) for the bonds, which shall include the following information: (1) the Applicant’s name and taxpayer identification number; (2) the issue price of the bonds issued; (3) the issue date of the bonds; and (4) a description of the project financed with the bonds. If the IRS has not received a Notice of Issuance within 15 days of the scheduled expiration of an allocation, the IRS may request that the Applicant submit the Notice of Issuance or confirm that the allocation was forfeited. If the Applicant fails to submit the Notice of Issuance within 15 days of this request or fails to confirm that the allocation was forfeited, the IRS, in its discretion, may treat the allocation as forfeited and as having reverted back to the IRS and available for reallocation. The Notice of Issuance or written confirmation that the allocation was forfeited should be sent to: Internal Revenue Service, SE:T:GE:TEB:CPM, Attention: Kenneth Stengel, 1122 Town & Country Commons, Chesterfield, MO 63017. See section 7.b. of this Notice for requirements when there are substantial deviations.