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NABL Issues Guidance for Certain Conduit Bond Deals
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.
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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 »
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 »
Matthias Edrich, vice chair of the National Association of Bond Lawyers' tax committee, has joined Greenberg Traurig’s public finance tax practice as a shareholder. more »
The Joint Committee on Taxation estimates that tax-exempt governmental bonds will result in revenue losses to the federal government of $179.6 billion from fiscal years 2014 through 2018 more »
The National Association of Water Companies wants the Treasury Department to clarify tax rules so that state and local governments can ensure the tax-exempt bonds they used to finance their water and wastewater facilities will not become taxable if they enter into public-private partnerships. more »
A slew of bond-related bills was introduced in the House and Senate in the last few days before members of Congress left town to begin their five-week recess. more »
A bill introduced in the House last week would allow more issuers to be able to issue bank-qualified bonds. 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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