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IRS Releases Information Concerning Sequester

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March 5, 2013
Client Alert

As set forth in our Client Alert dated March 4, 2013, President Obama recently issued an order that authorized certain automatic cuts to federal spending. President Obama issued the order under a “sequestration” law previously enacted by Congress.

The order authorizes cuts to payments that are scheduled to be made by the federal government to issuers of certain direct pay bonds, including payments to issuers of: (i) Build America Bonds (BABs), including Recovery Zone Economic Development Bonds (RZEDBs), (ii) Qualified Zone Academy Bonds (QZABs), (iii) Qualified School Construction Bonds (QSCBs), (iv) Qualified Energy Conservation Bonds (QECBs), and (v) New Clean Renewable Energy Bonds (NCREBs).

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