Washington

The Bond Buyer's Washington section focuses on how the bond market is affected by the actions of Congress, the IRS, SEC and MSRB. Topics regularly covered include how IRS actions are affecting the status of tax-exempt bonds as well as how legislation and regulations affect the way the municipal bond market conducts business.

• Florida IDA and Maine University Undergo IRS Audits

  WASHINGTON — The Internal Revenue Service is auditing $31.59 million of Series 2004A first mortgage revenue bonds that were issued by the St. Johns County Industrial Development Authority in August 2004 to help Presbyterian Retirement Communities Inc. and its affiliates finance improvements to eight retirement centers in Florida.

• FINRA Cites 'Key Risk Areas' in Exams

  The Financial Industry Regulatory Authority highlighted "key risk areas" for muni broker-dealers, warning that its exams will focus on whether incomplete disclosures and financial information from an issuer prevent retail customers from making informed investment decisions.

• Senators Offer Legislation for Millionaire's Tax

  A group of Democrats and an independent lawmaker in the Senate have introduced a bill that would codify the so-called Buffet Rule by imposing a minimum 30% tax rate on taxpayers whose adjusted gross income exceeds $1 million, including capital gains and dividends.

• GOP Rep. Introduces AMT Repeal, Which Could Help PABs

  WASHINGTON — Rep. Tim Huelskamp, R-Kan., has introduced legislation that would repeal the individual alternative minimum tax, potentially lowering the borrowing cost and improving the marketability of private-activity bonds.

• Obama Still Wants a Muni Cap

  President Obama's fiscal 2013 budget will propose a 28% cap on the value of tax preferences, including tax-exempt interest for municipal bonds, according to knowledgeable sources. [FREE]

• Market Chooses Sides Over GASB Fee Plan

  Market participants slammed a proposal to assess a fee on broker-dealers to help finance the Governmental Accounting Standards Board, differing about whether regulations on dealers should be permitted to pass the fee along to other market participants, including issuers.