Peter Schroeder

WASHINGTON – The Internal Revenue Service announced today that it is accepting applications from cooperative electric companies for $190.8 million of unallocated new clean renewable energy bond authority left over from the $2.4 billion authorized as part of the stimulus act.

WASHINGTON — A National Bureau of Economic Research study has concluded that while Build America Bonds have succeeded in their mission to lower financing costs for state and local governments, traditional tax-exempt bonds still offer more enticing after-tax yields to individual investors.

An Internal Revenue Service agent is warning the Crystal City, Tex., Public Facilities Corp. that $13.9 million of bonds it issued in 2003 to purchase a jail may not be tax-exempt because the agency appears to have exceeded private business-use limits.

Personal consumption expenditures rose 0.4% in July, outpacing a 0.2% hike in personal income, the Commerce Department said Monday.

WASHINGTON - Personal consumption expenditures rose 0.4% in July, as personal income rose 0.2%, the Commerce Department reported Monday.

WASHINGTON — The Treasury Department is considering whether it needs to issue guidance to address a potential ambiguity in the tax code that could bar issuers selling qualified energy conservation bonds from taking full advantage of available tax credits.

WASHINGTON — The vast majority of early Build America Bond subsidy payments were processed in a timely and accurate manner during the first five months of the program, with no evidence of fraud or errors, according to a new report.

WASHINGTON — The Internal Revenue Service has told the Pennsylvania Higher Education Assistance Agency that if it wants to settle a bond-related tax dispute, the settlement will have to cover all $700 million of its outstanding student loan debt.

An overwhelming majority of Build America Bond subsidy payments have been paid in full to BAB issuers, suggesting that concerns about offsets are dramatically overblown, according to new data on state issuers compiled by the Internal Revenue Service and prepared remarks expected to be delivered this morning by a top Treasury Department official.

The Agua Caliente Band of Cahuilla Indians in California has reached a closing agreement with the Internal Revenue Service over $22.5 million of revenue bonds it issued in 2003 to finance a golf course and accompanying facilities.

Barclays Capital Inc. wants to patent a computer system that would generate several municipal bond indexes, but a recent Supreme Court ruling could have an impact on the application's viability.

WASHINGTON — Two medical groups have asked the Internal Revenue Service to allow hospitals to be flexible when conducting the community health needs assessments required under the health care reform law.

The Internal Revenue Service has initiated an audit of $21.8 million of tax refunding bonds issued in 2005 by the Uvalde, Tex., Consolidated School District.

House members Tuesday sent to President Obama a $26.1 billion measure that would extend but gradually phase out higher federal Medicaid payments to states through June 30 and provide $10 billion to local school districts to prevent layoffs.

WASHINGTON — Issuance of qualified school construction bonds skyrocketed in the first half of 2010, primarily because of a new law permitting the debt to be sold as direct-pay bonds similar to Build America Bonds, market participants say.

WASHINGTON — Four major municipal market groups are urging the Treasury Department to issue guidance confirming that the existing regulatory framework on issue price for tax-exempt bonds also applies to Build America Bonds and stating that if issuers follow certain long-standing practices, they can be confident they are complying with the rules in this area.

The American Bar Association’s taxation section has sent the Treasury Department several suggestions it contends would simplify and make more flexible interim guidance for issuers, bondholders, and other market participants that want to strip the tax credits from tax-credit bonds.

WASHINGTON — Rep. Doris Matsui, D-Calif., has asked the Treasury Department for clarification of a tax law provision pertaining to qualified energy conservation bonds that she fears may be unintentionally preventing a solar-panel factory project in her district from taking full advantage of all the tax incentives available.

WASHINGTON — Private-activity bond issuance lagged in 2009 for the second year in a row, despite efforts by Congress to make the bonds more attractive, as the recession continued to take a toll on this part of the municipal market, according to an annual survey and market participants.

Recently introduced legislation extending several temporary bond provisions is not expected to be voted on by the House until September at the earliest, despite attempts from Democratic leaders to move quickly on the measure.