Memo Provides Interim Guidance on Audits of Direct-Pay Bonds
A memorandum recently issued by Rebecca Harrigal, director of the Internal Revenue Service tax-exempt bond office, provides examiners and managers in the office with interim guidance on conducting audits of Build America Bonds and other direct-pay bonds.
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Issuance of private-activity bonds subject to state volume caps rose in 2014 following three years of declining issuance, according to an annual survey conducted by the Council of Development Finance Agencies. more »
The National Association of Bond Lawyers has announced nominees for officers and directors of its board as well as the recipients of its awards. more »
Utah Gov. Gary Herbert has become chair of the National Governors Association for 2015-2016 and has unveiled an initiative to highlight governors' innovative solutions to crucial programs. more »
Rep. Tom Reed, R-N.Y., and Sen. David Vitter, R-La., have introduced bipartisan disaster tax relief bills that include several bond provisions. more »
House Assistant Democratic Leader Jim Clyburn, D-S.C., told congressional staff members Tuesday that everything should be on the table for a comprehensive tax-reform bill, while municipal bond market participants and lawmakers defended the tax exemption for munis. more »
The Senate Finance Committee on Tuesday approved a bipartisan, modified, two-year tax extenders bill that includes several provisions relating to bonds and Puerto Rico. more »
A two-year tax extenders bill that includes bond and Puerto Rico provisions and is slated to be voted on Tuesday by the Senate Finance Committee would result in revenue losses of $95.6 billion from FY-2016 to FY-2025. more »
Sen. Ron Wyden, D-Ore., hopes that one day, parents will give their kids infrastructure bonds for the holidays. more »
Rep. Charlie Rangel, D-N.Y. and Sen. Sherrod Brown, D-Ohio, have introduced identical bills that would make permanent and enhance the Qualified Zone Academy Bond program. more »
Bonds issued to finance student loans will not become taxable if their issuer takes action to cease being a qualified scholarship funding corporation, the Internal Revenue Service said. more »
A report from the Government Accountability Office suggested three approaches to delegating federal borrowing authority that would help to avoid the disruption in financial markets caused by impasses over the debt ceiling. more »
Some municipal bond experts in Washington were pleased to see that the reports from Senate Finance Committee’s tax reform working groups, released Wednesday, did not recommend that municipal bonds be taxed. more »
Move America Bonds should be more attractive to many members of Congress than Build America Bonds, Sen. Ron Wyden said. more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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