Half of TEB's Resources to be Allocated to Exams in FY-2016
Half of the Internal Revenue Service tax-exempt bond office’s resources in fiscal 2016 will be allocated to examinations, and priority will be given to referrals, including those from whistleblowers, according to a work plan summary.
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A Senate Democratic energy bill would create a new type of tax-advantaged bond called Clean Energy Bonds which would have lower subsidy rates than New Clean Renewable Energy Bonds would not be subject to volume cap. more »
The Treasury Department and Internal Revenue Service should create guidance to facilitate the development of public-private partnerships, the tax-exempt financing committee of the American Bar Association’s taxation section recommended. more »
A lengthy tax relief and job creation bill recently introduced in the House would exempt private-activity bonds issued from 2015 through 2018 from the alternative minimum tax, repeal sequestration, and create an infrastructure bank. But it also would cap the value of the municipal bond tax exemption at 28%. more »
Congress needs to raise the debt limit before Nov. 5, the date around when the Treasury Department is expected to exhaust the “extraordinary measures” it has been using to preserve the U.S. borrowing capacity, Treasury Secretary Jack Lew told lawmakers. more »
Republican presidential candidate Donald Trump released his tax reform proposal on Monday and grabbed the attention of municipal market participants because it would lower tax rates and reduce or eliminate tax deductions and loopholes for the rich. more »
The Internal Revenue Service has determined that industrial development bonds issued by the city of Minneapolis in 2006 for a printing-facility project are taxable. more »
The IAH Public Facility Corp. has reached a proposed settlement with the Internal Revenue Service to resolve a tax-law dispute relating to about $49 million of bonds it issued in 2004 and 2006 to finance a jail in Polk County, Texas. more »
Market groups are pushing the Internal Revenue Service to change its proposed issue price rules to include a safe harbor for competitive deals, warning the failure to do so will disrupt market practices and hurt issuers. more »
The Internal Revenue Service chief counsel’s office has issued a technical advice memorandum that was favorable to an issuer of advance refunding bonds. more »
Former Internal Revenue Service director Mark Scott is urging the IRS to revoke a private-letter ruling that was favorable for a total return swap, arguing that TRS’ are “[arbitrage scheme[s]” that have “resulted in hundreds of millions of dollars of illegal tax benefits being stolen.” more »
While the issue price rules proposed by the Treasury Department and Internal Revenue Service in June are a “significant improvement” over those proposed in 2013, the alternative method for determining issue price under the recent proposal is currently “not workable,” the Securities Industry and Financial Markets Association wrote. more »
Wayne County, Mich.’s disclosure that the IRS is auditing $200 million of bonds is a credit negative, because the cash-strapped county could have a hard time covering the costs of the federal interest subsidy if is lost, Moody’s Investors Service said Friday. more »
The National Conference of State Legislatures is urging Congress to not consider extending or making permanent the moratorium on state and local governments taxing Internet access unless it does so at the same time as or after it considers legislation that would allow states to require out-of-state online retailers to collect sales taxes. more »

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The choice to pay or not pay debt secured by a statutory lien when bankruptcy commences is entirely in the control of the municipal debtor.

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