Issue Number: N-2012-03

Notice 2012-03 provides guidance on current refunding issues (as defined in Treas. Reg. sub section 1.150-1(d)(3)) that refund outstanding prior issues of bonds that qualify for tax-exempt bond financing under certain disaster relief bond programs. The Notice applies to current refunding issues that are used to refund original tax-exempt bonds that met the qualification requirements for one of the following programs: (1) "qualified Gulf Opportunity Zone Bonds" under section 1400N of the Internal Revenue Code; (2) "qualified Midwestern disaster area bonds" under section 702(d)(1) of the Heartland Disaster Tax Relief Act of 2008 (the "Heartland Disaster Act"); and (3) "qualified Hurricane Ike disaster area bonds" under section 704(a) of the Heartland Disaster Act.

Notice 2012-03 will appear in IRB 2012-3 dated Jan. 17, 2012.