IRS to Reallocate $1.8 Billion of Tribal Economic Development Bonds

The Internal Revenue Service overhauled its tribal economic development bond allocation process and on Monday started soliciting applications for the reallocation of $1.8 billion of available bond volume cap for these bonds. TED bonds, which were allocated to tribal governments beginning in September 2009, largely remain unissued for projects. The American Recovery and Reinvestment Act created TEDs and authorized $2 billion of them to be issued in 2009 and 2010 to promote economic development on tribal lands. In this revised TED bond application process, applicants must describe in detail the project or projects to be financed with the proceeds of the TED bonds, including information regarding the type and use of the project and a certification that the project will qualify for these bonds, the notice said.

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