Treasury, IRS May Re-Propose Political Subdivision Rules
The Treasury Department and Internal Revenue Service may rethink and re-propose controversial political subdivision rules, but will wait until next year to see what the next administration wants to do with them, a tax regulator told lawyers meeting in Chicago.  more »
"We may consider re-proposing the project after receiving over 100 comment letters," said John Cross, associate tax legislative counsel for the Treasury Department. "We expect to see the incoming leadership of administration to decide how to move forward or consider that project."
The Internal Revenue Service's Office of Tax-Exempt Bonds has told its auditors that, if an issuer redeems 100% of the outstanding principal amount of its tax-exempt or tax-credit bonds, the audit can be closed without further TEB action. more »
The former head of the Internal Revenue Service's tax-exempt bond office says TEB is ignoring alleged violations on a financing for a Syracuse mall that benefited from breaks sought by Hillary Clinton. more »
The tax exemption of municipal bonds, issue price, political subdivisions and disclosure top the agenda of the National Association of Bond Lawyers for the coming year, according to Cliff Gerber, who becomes NABL president on Oct. 19. more »
As the presidential campaigns have become increasingly focused on personality and name calling, municipal finance pros are begging for more defined infrastructure spending plans and clarity on how the muni tax exemption will fare in the event of tax reform. more »
Tax credit bonds can be an attractive alternative to municipal bonds during sluggish or uncertain economic periods, according to a report issued this week by the Congressional Research Service. more »
Hillary Clinton’s tax plan would increase federal revenue by $1.4 trillion over 10 years, reining in federal debt increases, while Donald Trump’s plan would increase the federal debt by $7.2 trillion, according to the Tax Policy Center. more »
Infrastructure plans proposed by Hillary Clinton and Donald could cost anywhere from $300 billion to $600 billion, according to a recent report by the Committee For A Responsible Federal Budget. more »
The adjusted net pension liabilities of states totaled $1.25 trillion, or 119% of their revenue, in fiscal 2015 and were expected to grow by $50 billion at the beginning of this fiscal year, according to a report by Moody’s Investors Service. more »
Democrats in the Senate and House have introduced separate bills to raise limits for both tax-exempt small issue manufacturing bonds and highway or surface freight facility bonds. more »
The District of Columbia has paved the way for construction of a $300 million stadium for Major League Soccer's D.C. United by handing over land in Buzzard Point to the team. more »
The next president must maintain the tax exemption for municipal bonds -- the “bread and butter” of infrastructure financing -- or risk costing cities up to $500 billion, a group of mayors recently told Republican and Democrat campaign representatives. more »
The Internal Revenue Service appears to have reversed itself in recently closing an audit with no change to the tax-exempt status of some general obligation bonds issued by a Pennsylvania school district issued in 2005 and advance refunded in 2013. more »
The highest tax-exempt bond priority audits for fiscal year 2017 will be on claims and returns that have been identified because of noncompliance issues, according to the work plan for the IRS’ Tax-Exempt Bond Office. more »

James Colby, Senior Municipal Strategist and author of the Muni Nation blog at Van Eck, stopped by The Bond Buyer recently to chat with Senior Markets Reporter Chip Barnett about municipal market performance. He also discussed the stability of munis versus other asset classes, muni bond fund inflows versus money market fund outflows, muni exchange traded funds, and what to expect in the last quarter the year.

The SEC's MCDC initiative is causing many municipal issuers and underwriters to change the way they do things.

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