Obligations of States and Political Subdivisions (US Internal Revenue Service Regulation) (IRS) (2018 Edition) The Law Library presents the complete text of the Obligations of States and Political Subdivisions (US Internal Revenue Service Regulation) (IRS) (2018 Edition). Updated as of May 29, 2018 This document contains final regulations on the definition of private activity bond applicable to tax-exempt bonds issued by State and local governments. These regulations affect issuers of tax-exempt bonds and provide needed guidance for applying the private activity bond restrictions to refunding issues. This book contains: - The complete text of the Obligations of States and Political Subdivisions (US Internal Revenue Service Regulation) (IRS) (2018 Edition) - A table of contents with the page number of each section