Jennifer DePaul

The IRS has closed an audit without changing the tax-exempt status of $31.23 million of health center revenue bonds that were issued by the Lebanon County Health Facilities Authority in 2005 on behalf of the Pleasant View Retirement Community Project.

Two retirement administrative groups are urging Moody's Investors Services to delay its proposed changes to analyzing public sector pension data, saying it will increase confusion and reduce transparency of pension liabilities.

The IRS is seeking applicants for four positions on its Advisory Committee on Tax-Exempt and Government Entities, known as ACT.

The Internal Revenue Service has closed an audit without changing the tax-exempt status of $65 million of general obligation limited tax water and sewer bonds that were issued by Washoe County, Nev. in December 2005.

During a tax policy panel discussion last week, tax experts agreed that tax-exempt bonds face a serious threat from tax reform or federal deficit reduction.

The National Association of Bond Lawyers is hoping to quash what they call misconceptions that tax-exemption predominantly benefits upper-income taxpayers, as outlined in an eight-page white paper the group released Monday.

The National Association of Bond Lawyers issued an alert Friday to its members about the potential impact the $1.2 trillion in across-the-board federal budget cuts would have on Build America Bonds and other direct-pay bonds.

Republican presidential candidate Mitt Romney reported $1,329 in tax-exempt interest on his 2011 tax return, his campaign revealed Friday afternoon.

Fifty House Republican freshmen on Thursday urged the House Ways and Means Committee to quickly extend dozens of expired or expiring tax breaks, some of which are municipal bond-related.

The preservation of tax-exemption has become a key issue for mayors across the country, as they face $1.2 trillion of looming across-the-board sequestration cuts that would drastically reduce federal funding to states and municipalities.

State tax collections increased by 3% for the 10th straight quarter from April to June, according to a new report from the Rockefeller Institute of Government.

Pecos City, Texas has discovered federal tax law issues relating to the tax-exempt status of $5.6 million of certificates of participation it issued in 2011 and plans to enter into a voluntary closing agreement with the Internal Revenue Service.

A House bill that would prohibit state and local governments from imposing taxes on certain sales of digital goods and services that are taxable under current law would cost governments $3 billion in forgone revenue each year, according to estimates from the Congressional Budget Office.

Bond lawyers praised an Internal Revenue Service proposal late last week that would eliminate requirements for state and local bond opinions under its Circular 230 rules, which governs written tax advice.

Confronted with declining tax revenues, high levels of unemployment and budget cuts, U.S. cities have been forced to make personnel cuts, delay or cancel infrastructure projects and slash local services, according to a new report.

State Treasurer Catherine Provencher will embark on a "road show" to educate local finance directors and elected officials about disclosure and methodology changes to pension liabilities approved by the Governmental Accounting Standards Board.

Threats to eliminate or curtail tax-exemption is a top concern for state treasurers and they continue to closely monitor proposals as a new Congress and White House are elected in the coming months. The NAST president and president-elect also discuss their goals for the organization.

At a time when states and municipalities face more than $2 trillion of unfunded pension fund liabilities, states are increasingly turning to private infrastructure investments to help close those funding gaps, experts said told treasurers meeting here this week.

State treasurers voted Monday to urge Moody's Investors Service to carefully consider the consequences of its proposed changes to analyzing public-sector pension data, warning it will muddy already complicated pension issues for the public and financial markets.

Virginia Treasurer Manju Ganeriwala has been elected president of the National Association of State Treasurers for 2013.