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Several Senate Democrats Oppose Federal Internet Sales Tax Legislation
Three Democratic Senators representing states without sales taxes recently wrote a letter to Senate leadership opposing federal legislation that would impose an Internet tax sales tax on its businesses.
Sen. Jeanne Shaheen, D-N.H., expressed opposition to federal legislation that would require small businesses operating on the Internet to collect a sales tax.
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A broad ruling by the Colorado Court of Appeals in a case of a developer’s egregious fraud has sent lawyers to the state’s General Assembly for legislation to protect existing special districts that issue tax-exempt bonds. more »
A bipartisan bill introduced in the House would expand the ways in which Indian tribes can issue tax-exempt bonds and put them more on par with state and local governments under the federal tax law. more »
November’s election could create momentum for federal tax reform, said panelists at The Bond Buyer’s National Municipal Bond Summit. more »
The Internal Revenue Service is preliminarily challenging the tax-exempt status of bonds issued by the District of Columbia as part of a much lauded public-private partnership to build a new elementary school. more »
President Barack Obama, Vice President Joe Biden and their wives released their 2015 federal income tax reforms on Friday, with neither showing any municipal bond holdings or tax-exempt interest. more »
Two House Republicans presented a committee with their legislative proposals to reform or abolish the federal income tax system, sparking concerns from some members of the municipal bond community. more »
The National Association of Bond Lawyers is calling for the Internal Revenue Service and Treasury Department to revise and re-propose rules that would determine when entities are political subdivisions that can issue tax-exempt bonds. more »
The Conroe Industrial Development Corporation in Texas has paid a penalty and agreed to redeem bonds under the Internal Revenue Service’s voluntary closing agreement program (VCAP) to settle a tax violation relating to bonds it issued in 2008 and refunded in 2012. more »
Increased federal funding is needed to help state and local governments improve water and wastewater systems Senate committee members agreed during a hearing on Thursday. more »
U.S. lawmakers are stepping up scrutiny of colleges and universities with endowments of more than $1 billion and are threatening to introduce legislation that could jeopardize the tax-exempt status of their bonds. more »
The San Diego Chargers have proposed a financing plan for a $1.8 billion joint use stadium-convention center in downtown San Diego that includes the issuance of $1.15 billion of tax-exempt bonds backed by a hike in the city’s hotel tax. more »
Rep. Steve Russell, R-Okla., introduced a bill in the House last week that would prohibit the use of tax-exempt bonds to build professional sports stadiums and for-profit entertainment arenas. more »
The Internal Revenue Service is auditing $73.6 million of excise tax revenue refunding bonds issued by the city and county of Denver in 2009. more »

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Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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