WASHINGTON The Treasury Department should permanently apply existing regulations on issue price to all tax-exempt and direct-pay bonds, while clarifying several aspects of the rules, according to the American Bar Associations taxation section.
President Obamas bipartisan fiscal reform commission cited a tax-reform bill that would eliminate tax-exempt bonds and replace them with tax-credit bonds as a potential way forward when it comes to simplifying the tax code and reducing the federal deficit, according to a draft proposal released Wednesday.
The Securities Industry and Financial Markets Associations municipal securities division honored Colin MacNaught, the assistant treasurer for debt management in the Massachusetts treasurers office, with its 2010 Honor Roll Award at a luncheon Tuesday.
The Internal Revenue Service has completed an audit of $67.6 million of bonds issued by Washington's Vancouver Downtown Redevelopment Authority in 2003 with no change to the bonds' tax-exempt status, the issuer disclosed this week.
WASHINGTON The Internal Revenue Service announced Wednesday that it is giving tribal governments until the end of 2011 to issue the first $1 billion tranche of tribal economic development bonds, in an effort to save the tribes from having to forfeit any unused allocations at year-end.