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FROM THE OFFICE OF PUBLIC AFFAIRS
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Today the Treasury Department and the Internal Revenue Service issued proposed regulations relating to tax-exempt private activity bonds issued to finance solid waste disposal facilities.
“These proposed regulations update the existing regulations and provide certainty to issuers and holders of tax-exempt bonds for solid waste disposal facilities,” stated Acting Treasury Assistant Secretary for Tax Policy Greg Jenner.
In 2002, the Treasury Department and the IRS requested public comments on the application of the rules for solid waste disposal facility bonds to recycling facilities. In response to comments received, the proposed regulations take into account changes in the waste recycling industry that have occurred since the existing regulations were issued in 1972.
The existing regulations provide that a facility will not qualify as a solid waste disposal facility if the material processed at the facility has any market or other value. As a result of changes in the waste recycling industry, the proposed regulations do not include this requirement. The proposed regulations provide guidance on the types of material that constitute solid waste and the types of activities that are permitted uses of a solid waste disposal facility, which include final disposal, conversion, recovery, and transformation processes as well as preliminary functions and functionally related and subordinate activities.
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