SECTION 3. STATUS OF

ALLOCATIONS AND THE APPLICATION PROCESS

Section 13404(a) of Public Law No. 115–97 provides, in part, that part IV of subchapter A of chapter 1 of the Code is amended by striking subpart I, which contained § 54C of the Code. Section 13404(d) of Public Law No. 115–97 provides that the amendments made by section 13404 shall apply to bonds issued after December 31, 2017. Accordingly, no bond issued after December 31, 2017, under any allocation of volume cap issued by the IRS under Notice 2015–12, may be treated as a New CREB. In addition, the IRS will not be processing applications for, or issuing allocations of, New CREBs volume cap under Notice 2015–12 or Notice 2017–66.