IRS Making Changes to VCAP
The Internal Revenue Service is working on more specialized template voluntary closing agreements, an official with the IRS' tax-exempt bond office said.
Image: Bloomberg News
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Nearly half of tax-exempt interest reported on 2013 individual income tax returns was on returns with adjusted gross income of less than $200,000, and most of the returns reporting tax-exempt interest had a primary taxpayer over the age of 65, calculations based on recently released Internal Revenue Service statistics show. more »
When Congress returns to Washington in September, members will have to address a number of important fiscal issues in a short amount of time. more »
Ongoing cuts to Build America Bond subsidies are "credit negative" for issuers, Moody's Investors Service said in its weekly credit outlook for U.S. public finance last week. more »
The municipal bond tax exemption could be at risk under a proposal from presidential candidate Hillary Clinton to reduce student debt. more »
A city's authority can have additional time to spend proceeds of its new clean renewable energy bonds after unanticipated events caused a "significant delay" in the proceeds being committed and spent, the Internal Revenue Service has ruled. more »
The municipal bond tax exemption saved state and local government borrowers about $715 billion in debt service expenses from 2000 to 2014, according to a white paper issued by the International City/County Management Association and the Government Finance Officers Association. more »
Susan Gaffney has been hired as executive director of the National Association of Municipal Advisors. more »
The Internal Revenue Service claims that some of the bonds issued in 2013 by the Scottsdale, Ariz., Municipal Property Corp. to refinance the term of a lease for a garage are taxable. more »
The federal subsidy payments to issuers of Build America Bonds and other direct-pay bonds will be cut by 6.8% in fiscal 2016, which begins on Oct. 1, under sequestration, the Internal Revenue Service announced. more »
Using dynamic scoring, the Joint Committee on Taxation has estimated that legislation to extend tax provisions, including several related to bonds and Puerto Rico, would result in only $86.56 billion of revenue losses, compared to its earlier estimated $96.95 billion. more »
The Senate Appropriations Committee's fiscal 2016 financial services bill would significantly underfund the Securities and Exchange Commission and undermine the Internal Revenue Service's ability to carry out basic functions, Office of Management and Budget director Shaun Donovan warned committee leaders in a letter this week. more »
The Treasury Department and Internal Revenue Service have included two new bond-related projects on their priority guidance plan for 2015-2016. more »
Issuance of private-activity bonds subject to state volume caps rose in 2014 following three years of declining issuance, according to an annual survey conducted by the Council of Development Finance Agencies. more »

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Rhode Island and Michigan showed solid improvement in labor markets in August, while Puerto Rico showed greater improvement in its unemployment rate than any of the 50 States, according to our proprietary measure of state economic health.

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