# Prop. Treas. Reg. § 1.148-1: Definitions and elections.

Proposed regulation, not in force. REG-117298-21, 91 FR 12118, published 2026-03-12 <https://www.federalregister.gov/documents/2026/03/12/2026-04798/guidance-on-tax-exempt-refunding-bonds>. Interprets 26 U.S.C. § 148.

Par. 3. Section 1.148-1 is amended by revising paragraph (c)(4)(ii)(E)( 3 ) to read as follows:

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(c) * * *

(4) * * *

(ii) * * *

(E) * * *

( 3 ) A certificate of indebtedness, including a special 90-day certificate of indebtedness, issued by the United States Treasury pursuant to the Demand Deposit State and Local Government Series program described in 31 CFR part 344.

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