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GFOA Encourages Members to Lobby Congress on Online Sales Tax Bills
The Government Finance Officers Association is encouraging its members to urge their Congress members to support legislation that would allow states to require out-of-state online retailers to collect their sales taxes.
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Reps. Randy Hultgren, R-Ill., and Richard Neal, D- Mass., have introduced legislation that would increase the number of projects that could be financed by qualified small issue manufacturing bonds. more »
The Senate Finance Committee's tax reform working groups will not be submitting reports to the committee's leaders by the end of the month, as had been expected. more »
Some market participants want the Treasury Department and Internal Revenue Service to clarify their new proposed issue price rules, particularly regarding certifications that underwriters would make under the proposal. more »
Total net tax-supported debt fell for the first time in 28 years in 2014, a Moody’s report found. more »
The U.S. Conference of Mayors adopted a resolution against limiting tax-exempt bonds more »
The Treasury Department and Internal Revenue Service released new proposed rules on the definition of issue price to allow issuers to rely on the initial offering price under certain circumstances and provide a narrower definition of an underwriter. more »
A technical advice memorandum concluding that the Village Center Community Development District in Florida was not a political subdivision that could issue tax-exempt bonds will not apply retroactively, the Internal Revenue Service chief counsel’s office said. more »
The National Association of Bond Lawyers has submitted recommendations to the Treasury Department and Internal Revenue Service on ways to ease and clarify the public approval requirement for private-activity bonds. more »
Sen. Mark Warner, D-Va., introduced legislation that would create a national infrastructure bank that could provide direct loans and loan guarantees to facilitate infrastructure projects of regional or national significance. The bill would also increase the national volume cap for tax-exempt private-activity bonds for qualified highway or surface freight transfer facilities to $16 billion from $15 billion. more »
The Treasury Department and Internal Revenue Service should include projects about accountable care organizations, management contracts, issue price and other topics on their 2015-2016 priority guidance plan,said the tax-exempt financing committee of the American Bar Association’s taxation section. more »
An advisory panel has made recommendations about how the Internal Revenue Service’s tax-exempt bond office can increase its efficiency and effectiveness in a time of dwindling resources and increased market complexity. more »
A bill introduced in the House on Monday by Rep. Jason Chaffetz, R-Utah, that would authorize states to require out-of-state online retailers to collect their sales taxes is drawing praise from state and local government and retail groups. more »
Rep. Richard Neal, D-Mass., said he would like to see a revival of the Build America Bond program included in a long-term highway bill. more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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