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IRS Allocates QZABs to States, DC, Territories for 2015, 2016
The Internal Revenue Service has announced how many qualified zone academy bonds can be issued in each state, the District of Columbia and U.S. territories in 2015 and 2016.
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President’ Obama’s $4.1 trillion budget for fiscal 2017 includes proposals that would restrict and benefit municipal bonds, but its dead on arrival in Congress.
President Obama on Tuesday unveiled a $4.1 trillion budget for fiscal 2017, his last one, that includes a $10.25 per barrel tax on oil to fund green transportation projects and several proposals that either benefit or restrict the use of municipal bonds. more »
The Internal Revenue Service has dropped its audit of Alaska student loan bonds after concluding there were no tax violations warranting any change to the tax-exempt status of the bonds. more »
Sen. Michael Bennet, D-Colo., wants private activity bonds to be used to finance carbon capture and storage facilities.
Sen. Michael Bennet has filed an amendment to the energy bill pending in the Senate that would allow tax-exempt private-activity bonds to be used to help power plants and industrial facilities finance projects to capture and store carbon dioxide. more »
The Internal Revenue Service appears is stepping up its audit of $80 million of Arborwood Community Development District's 2006 bonds and appears to be focusing in part on the Florida CDD's board and land that may have been purchased at too high of a price. more »
The IRS has not yet responded to the community development centers’ counter-offer.
The Internal Revenue Service and two community development districts in Florida have recently discussed a possible settlement over a long, ongoing municipal bond tax dispute, but it’s unclear if they will be able to agree on anything. more »
Congress must recognize that municipal bonds are critically important to financing state and local projects and must not do anything to raise their costs or threaten their use, Virginia Gov. Terry McAuliffe said Thursday on behalf of the nation’s governors. more »
The tax-exempt financing committee wants to make sure the issue price rules are “as clear and concise as possible to limit the risk that they could be applied in any ambiguous fashion,” said Darren McHugh.
A group of lawyers is urging tax regulators to make some revisions and clarifications to proposed issue price rules to avoid confusion and make the rules more workable. more »
Most states will be able to issue more private-activity bonds in 2016. more »
"There will be no important tax legislation next year, nothing's going to get to the finish line," said Howard Gleckman, senior fellow at the Tax Policy Center.
Congress will not act on comprehensive tax reform next year, but House Republicans could try to move forward with international or corporate tax reform, according to tax experts. more »
"Issue price is an important priority and broadly applicable topic," said John Cross, the Treasury Department's tax legislative counsel, who hopes the Treasury Department and Internal Revenue Service can finalize those in the first half of next year.
The biggest tax regulatory issue for municipal market participants in 2016 are the issue price rules and what changes the Treasury Department and Internal Revenue Service will make as they finalize them, dealer and issuer group representatives said in interviews about the coming year. more »
Lawmakers are considering a $1.15 trillion omnibus spending bill for fiscal year 2016 that does not extend bankruptcy protection to Puerto Rico, and a more than $621 billion tax bill that would make permanent or extend expired tax provisions, including a few that are bond- and Puerto Rico-related. more »
“We’re going to take another good look at whether we can do something more on competitive sales,” said John Cross.
Tax regulators are open to the idea of writing special issue price rules that would treat bonds sold in competitive deals differently than those sold in negotiated deals, Treasury Department associate tax counsel John Cross told issuers meeting here on Friday. more »
BDA’s Mike Nicholas suggests Treasury, IRS consider a safe harbor for issue price for competitive deals.
Bond Dealers of America is recommending the Treasury Department and Internal Revenue Service rework their issue price rules to state that if 25% of bonds are sold after a competitive underwriting at the initial offering price then that would establish the issue price for each maturity. more »

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Gerrard Bushell, the new CEO and president for the Dormitory Authority of the State of New York, outlines his goals for one of the nation's leading municipal bond issuers with northeast regional reporter Andrew Coen.

While the SEC's MCDC Initiative has provided some clarity with regard to materiality and confirmed that the reasonable diligence standard of Rule 15c2-12 applies to both negotiated and competitive deals, no clarity has been offered with regard to the extent of the reasonable diligence obligations of those participating in competitive deals, as co-managers, syndicate members or selling dealers. ...

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