The Internal Revenue Service yesterday published formal procedures and time limits for issuers seeking to recover overpayments of arbitrage rebate, penalties in lieu of rebate provisions, or yield reduction payments.

Revenue Procedure 2008-37, which takes effect immediately, replaces Rev. Proc. 92-83, a guidance the IRS published in 1992 that had become outdated, according to agency officials.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.