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Washington - Taxation
IRS Acting Commissioner Werfel Viewed as Ally for Muni Market
The municipal bond market may benefit from the shake-up at the Internal Revenue Service as the newly named acting commissioner Daniel Werfel has close ties with state and local governments and is viewed by market groups as a strong ally.
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CBPP: Critics of 28% Cap Miss Key Points
While municipal bond market participants oppose President Obama's proposal to limit the value of tax-expenditures, including the muni bond interest exclusion, to 28%, Republican proposals would be even harsher, the Center on Budget and Policy Priorities said in a recent paper. more »
Morgan Stanley: State Credit Improves, But Challenges Remain
States have moved beyond the recession-driven liquidity crisis but there are sources of ongoing weaknesses such as unfunded pensions that make states unable to rely on economic growth alone to mitigate risks of default and future structural budget stability, Morgan Stanley concludes in a report. more »
Conservative Groups: Pass Marketplace Fairness Act
A group of conservative grass roots organizations sent a letter to lawmakers urging them to pass the Marketplace Fairness Act online sales tax bill in order to "close a tax loophole that punishes small businesses." more »
Lew Urges Swift Action on Debt Ceiling
Treasury Secretary Jacob Lew urged Congress to act swiftly on raising the debt ceiling saying it was necessary to preserve the nation's credit rating and citing uncertainty over how long the U.S. will be able to continue to pay its bills. more »
State Finances, Infrastructure and Pensions Are Priorities for Governors
The National Governors Association published a report Thursday summarizing governors priorities as outlined in their annual state of the state addresses in 48 states and two territories. more »
MRB Issuance Jumped 13.5% in 2011
Mortgage revenue bond issuance jumped 13.5% in 2011 compared with the previous year, according to the recently released National Council of State Housing Agencies factbook. more »
Treasury to Suspend SLGS Window On Friday
Beginning Friday, the Treasury Department will suspend the sales of State and Local Government Series securities until further notice, the first maneuver to avoid hitting the federal debt ceiling. more »
Miami-Dade Worries Tax Reform Could Impact Swaps
Miami-Dade County is worried about its swaps going south if Congress tinkers with the tax exemption on municipal bonds. The county had swaps covering $953 million of bonds as of September 2012. more »
Tax Reform Discussion Draft Would Repeal Munis
The Senate Finance Committee released the sixth in a series of tax reform discussion papers Wednesday on economic and community development that included a proposal to repeal all governmental and private activity municipal bonds and replace tax-exempt bonds with direct-pay and tax-credit bonds. more »
Treasury Official: No Decision on Closing SLGS Window
The Treasury Department has made no decision about whether to continue or halt sales of State and Local Government Series Securities when the suspension of the debt ceiling expires on May 19, but in either case would honor any subscriptions received before that date, an official said. more »
IRS' Cliff Gannett to Retire
Cliff Gannett, acting director of government entities at the Internal Revenue Service, will retire at the end of June, he announced at a recent American Bar Association tax-exempt financing committee meeting. more »
Nancy Lashnits to be Next Chair of ABA Tax-Exempt Financing Committee
Former Internal Revenue Service official Nancy Lashnits will take over as chair of the Committee on tax-exempt financing with the American Bar Association. more »
Sen. Roberts: 28% Cap Would Be Disastrous
Sen. Pat Roberts, R-Kan., expressed concern that when comprehensive tax reform occurs, it should be carefully structured so that existing industries and investments are not harmed such as on municipal bonds. He also opposed the proposed 28% cap on itemized deductions including tax exemption. more »
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Commentary - When It May Be Virtually Free to Be Tax Free
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.

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