Firms don’t have to see disclosure of de minimis risk as a compliance matter. They can see it as a chance to better inform their retail clients about liquidity risk, and to put them on the same page as institutional players.
What's the appeal of the tax-credit alternative? It guarantees that a holder will receive full value as long as he has a matching tax liability. That's true even if the issuing State is in a financial crisis and can't pay its bondholders.