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Incoming NAST President Discusses Group's Priorities
The National Association of State Treasurers' priorities include maintaining the tax- exempt status of municipal bonds, preventing local government investment pools from being hurt by money market mutual fund reforms, and helping to develop criteria under which munis could be considered high-quality liquid assets, said its incoming president, David Lillard, Tennessee' treasurer.
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A Treasury Department official, a former Federal Reserve Board chair, congressional staffers and state treasurers spoke at an industry-sponsored municipal securities conference on Thursday that was closed to the press. more »
The chairman of the House Appropriations Committee has introduced legislation that would continue funding government programs and services until Dec. 11, preventing a federal government shutdown before the midterm elections. more »
The Treasury Department's 2014-2015 priority guidance plan includes new projects to both update guidance on management contracts that impact private-activity bonds, and ensure PAB rules don't conflict with a new type of arrangement promoted by President Obama's health care reform law. more »
An issuer of tax-exempt bonds and Build America Bonds can reallocate its proceeds, the Internal Revenue Service ruled. more »
The Internal Revenue Service is auditing bonds issued in 2011 for a charter school operator in Chicago that settled securities fraud charges with the Securities and Exchange Commission in June. more »
Lawyers involved in a conduit bond financing for a charitable nonprofit organization should decide as soon as possible which of them is responsible for ensuring the tax-exempt status of the borrower, the National Association of Bond Lawyers concludes in a just-released paper. more »
The Internal Revenue Service has issued guidance to provide temporary relief from some tax requirements for bond-financed qualified residential rental projects in the event of a presidentially-declared major disaster. more »
Municipal bond broker-dealer groups have spent nearly $5 million trying to influence federal lawmakers in recent months, using in-house lobbyists as well as outside firms and campaign contributions to promote their positions on securities laws, tax reform, and regulation. more »
Personal income taxes and possibly all state taxes appear to be down in the second quarter of this year based on preliminary data, the Rockefeller Institute of Government of the State University of New York said in a report released Thursday. more »
The Fannin County Public Facility Corp. in Texas has settled tax law violations with the Internal Revenue Service by agreeing to pay $1.75 million and redeem all of the outstanding bonds from the $30.78 million it issued in 2008 to finance a jail. more »
Susan Collet, who until recently worked at the Bond Dealers of America, is launching her own government-relations advisory firm focused on municipal securities, tax policy and not-for-profit electric utilities. more »
The Internal Revenue Service's tax-exempt bond office has had several key personnel changes in recent weeks. more »
The Internal Revenue Service has told the Philadelphia Authority for Industrial Development that it is auditing bonds the authority issued in 2005 for a charter school project in Philadelphia “because of information we received from external sources or developed internally that causes a concern” that there are tax-law violations. more »

Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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