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Congress Passes Extenders Bill; Obama Signs Omnibus
Congress left town for the holidays after passing a bill that will extend expired bond-related and other tax provisions retroactively through 2014, as well as a $1.01 trillion omnibus spending bill that will fund most government agencies through the end of fiscal 2015 but cut some grant programs.
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Use of municipal bonds should be encouraged, and their prevalence should not be limited, because state and local governments face challenges financing projects through other means, Rep. Randy Hultgren said. more »
The House late Thursday passed a spending bill known as the "cromnibus" that would fund most federal government agencies through the end of the federal fiscal year. more »
The Cherokee County School System is negotiating with the Internal Revenue Service to settle a tax dispute, after an IRS agent contended in an audit of 2007 bonds that there was an arbitrage problem. more »
Members of Congress unveiled a fiscal 2015 spending bill late Tuesday, but some provisions tucked into the measure were drawing opposition. more »
A report released Tuesday by Sen. Tom Coburn, R-Okla., recommends that Congress should eliminate the tax exemption for municipal bonds. more »
The Airport Commission of the City and County of San Francisco has agreed to pay the Treasury $67,000 and retire $1.145 million of Series A variable rate revenue refunding bonds issued in 2010 to settle a tax dispute with the Internal Revenue Service. more »
The National Association of State Treasurers is working with Rep. Jason Chaffetz, R-Utah., on a letter to be sent to the House Ways and Means Committee chairman that would make the case for conservatives to preserve the municipal bond tax exemption, a consultant to NAST said Friday. more »
Miami-Dade County will pay the Internal Revenue Service to settle a tax problem with a seaport revenue bond issue after the city sought a voluntary settlement. more »
The House on Wednesday passed a bill that would extend through the end of the year expired tax provisions known as "extenders," several of which relate to bonds, state and local taxes and Puerto Rico. more »
Total tax-exempt and taxable municipal bond issuance in 2015 is expected to edge up to $357.5 billion, an increase of more than 2.7% from the $348.1 billion forecast for this year, according to respondents of an industry survey. more »
A Republican Congressman on Wednesday said that Congress should pass Internet sales tax legislation. more »
The House may vote on a bill this week that would extend through the end of the year a number of expired tax provisions, including several relating to bonds, state and local finance, and Puerto Rico. more »
Pinal County, Ariz. disclosed that it may settle with the Internal Revenue Service to favorably conclude an audit of 2004 Certificates of Participation whose proceeds were used for detention facilities, though the county said it believes there are no tax problems with the COPs. more »

As it steps up its efforts to police the municipal securities market, the regulator is turning to potentially career ending sanctions for municipal officials.

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