WASHINGTON -- The Internal Revenue Service must write rules clarifying whether states should base private-activity bond volume cap allocations on the issue price or the face amount of bonds that are not sold at par, an Ohio official said recently.

The rules are urgently needed to give states guidance about how much of their private-activity bond authority under the annual caps should be allocated to discount or premium bonds, said Thomas C. Washbush, an official with the Ohio department of development, in identical letters to IRS and Treasury Department officials.

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