Guidance and Applications Available for $2 Billion in Tax-Exempt Bonds for Economic Development Projects in Indian Country
The Internal Revenue Service (“IRS”) recently published guidelines and applications for tax-exempt bonds for economic development projects in Indian Country. The guidelines, called “Notice 2009-51 (Tribal Economic Development Bonds),” indicate the first application deadline is August 15, 2009, for $1 billion in bonds, which must be issued by December 31, 2010. This leaves tribes little time to compile the information needed to complete the 11-page application for the first round of financing. There is a second deadline of January 1, 2010, for tribes to apply for the second $1 billion in bonds, which must be issued by December 31, 2011.