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IRS Gives Authority More Time to Spend QZAB Proceeds
An authority can have additional time to spend proceeds of its qualified zone academy bonds after there were “unforeseen circumstances” such as contractor disputes, permitting delays and development plan changes, the Internal Revenue Service has ruled.
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House Ways and Means Committee member Rep. John Larson considers municipal bonds to be “the lifeline of any given community.” more »
Curbs to the tax exemption for municipal bonds would increase electricity prices for public-power customers and make it less likely that infrastructure improvements would be funded, groups warned in a paper to Senate Finance Committee tax-reform working groups. more »
The House on Thursday passed a bill to make the state and local sales tax deduction permanent. more »
Reps. Randy Hultgren, R-Ill. and Dutch Ruppersberger, D-Md., have sent a bipartisan letter to House leaders urging them to reject proposals that make changes to the tax exemption for municipal bonds. more »
Lawmakers on Senate Finance Committee tax-reform working groups should preserve the tax-exemption for municipal bonds and increase the bank-qualified bond limit, the Bond Dealers of America and affiliated coalitions said. more »
Tax reform proposals to curb tax exemption for municipal securities would create uncertainty in the market, possibly lead to higher borrowing costs, and hurt infrastructure development, issuer and borrower groups warned a Senate Finance Committee working group this week. more »
The National Association of Bond Lawyers would like to see several items on the Treasury Department’s and Internal Revenue Service’s 2015-2016 guidance plan, including guidance on reissuance, management contracts and issue price. more »
The Internal Revenue Service has granted a school district that experienced "financial distress" a roughly 16-month extension to spend the proceeds of its qualified school construction bonds. more »
The North Texas Tollway Authority is undergoing an Internal Revenue Service Examination of its 2009 variable-rate bonds as it prepares to refund $871 million of second-tier bonds, according to an addendum to the preliminary official statement. more »
The American Public Power Association has told the Treasury Department that it supports proposals in President Obama's fiscal 2016 budget that would simplify federal tax law pertaining to municipal bonds and would like the department to take further efforts to simplify private business use rules. more »
The municipal bond market will have an ally in the top echelon of Senate leadership if Sen. Chuck Schumer, D-N.Y., becomes the Senate Democratic leader in 2017, as is widely expected, tax and municipal bond experts said. more »
The Internal Revenue Service has determined that multifamily housing revenue bonds issued by the Tulsa County Industrial Authority in 2003 are taxable, but it is unclear to what extent bondholders will be affected by the Service's conclusion. more »
Congress should eliminate the state and local tax deduction and offset the deduction's removal with a reduction in marginal tax rates, a report from The Heritage Foundation argued. more »

This week, we discuss a new measure of pension funding, examine the impact of oil prices on labor markets in oil dependent States and discuss changing levels of food stamp participation.

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