Naomi Jagoda

An Internal Revenue Service memorandum concluding that a local government's Build America Bonds were reissued when they were defeased is drawing criticism from bond lawyers.

Existing home sales fell 6.1% to a seasonally adjusted 4.93 million-unit rate in November from a revised 5.25 million pace the previous month, the National Association of Realtors announced Monday.

Industrial production rose 1.3% in November, the Federal Reserve reported Monday.

Use of municipal bonds should be encouraged, and their prevalence should not be limited, because state and local governments face challenges financing projects through other means, Rep. Randy Hultgren said.

The House late Thursday passed a spending bill known as the "cromnibus" that would fund most federal government agencies through the end of the federal fiscal year.

The Cherokee County School System is negotiating with the Internal Revenue Service to settle a tax dispute, after an IRS agent contended in an audit of 2007 bonds that there was an arbitrage problem.

The federal government ran a $56.8 billion budget deficit in November, the Treasury Department reported Wednesday.

Members of Congress unveiled a fiscal 2015 spending bill late Tuesday, but some provisions tucked into the measure were drawing opposition.

A report released Tuesday by Sen. Tom Coburn, R-Okla., recommends that Congress should eliminate the tax exemption for municipal bonds.

The National Association of State Treasurers is working with Rep. Jason Chaffetz, R-Utah., on a letter to be sent to the House Ways and Means Committee chairman that would make the case for conservatives to preserve the municipal bond tax exemption, a consultant to NAST said Friday.

Municipal issuers' financial challenges are preventing them from issuing more bonds to take advantage of low interest rates, Virginia Treasurer Manju Ganeriwala said here on Thursday.

The House on Wednesday passed a bill that would extend through the end of the year expired tax provisions known as "extenders," several of which relate to bonds, state and local taxes and Puerto Rico.

A Republican Congressman on Wednesday said that Congress should pass Internet sales tax legislation.

The House may vote on a bill this week that would extend through the end of the year a number of expired tax provisions, including several relating to bonds, state and local finance, and Puerto Rico.

Pinal County, Ariz. disclosed that it may settle with the Internal Revenue Service to favorably conclude an audit of 2004 Certificates of Participation whose proceeds were used for detention facilities, though the county said it believes there are no tax problems with the COPs.

The Town of Brookfield, Conn. has disclosed that water facilities financed with some of its tax-exempt bonds may have private business use.

The Internal Revenue Service is auditing bonds issued by the East Bay Municipal Utility District in 2003 and 2005.

The Internal Revenue Service has ruled that refinancing loans will qualify as student loans that can be financed with tax-exempt bonds.

A new Congressional Budget Office report mentioned eliminating the tax exemption for new qualified private-activity bonds as an option for reducing the federal deficit.

Having fought many battles with Congress over curbs to bond and other programs that affect affordable housing, John Murphy expects the challenges will continue as he retires from the National Association of Local Housing Finance Agencies after 30 years as its executive director.