Washington

The IRS' TEB office released a new check list form that will be required for a voluntary closing agreement program submission request.

The Transportation Infrastructure Finance and Innovation Act has been touted by many as a crucial funding source for major projects, but most states have never used the program and say it has little value for them.

Illinois has settled securities fraud charges with the Securities and Exchange Commission for misleading investors about its approach to funding its pension obligations.

Two northern Virginian House Democrats have introduced legislation that would authorize the study of an expansion of the Washington Metrorail deeper into the commonwealth.

The House approved legislation on Wednesday to fund the government after current authorization expires March 27, over the objections of transportation advocates upset that it would cut millions in highway and transit spending.

The Internal Revenue Service has closed audits of bonds issued by North Las Vegas in 2006 and a Texas board in 2002 without any change to the tax-exempt status of the bonds. However, the IRS found arbitrage yield calculation errors with the city's bonds said if they are not fixed, penalties or a finding of taxable interest could ensue.

Three Senate Democrats wrote to House Speaker John Boehner, urging him to restore transportation funding cut in pending House legislation.

A California Republican appears to be preparing to reintroduce legislation that would prohibit states from issuing tax-exempt, tax-credit and direct-pay bonds unless they subject their pension plans to federal government oversight and regulation.

The Municipal Securities Rulemaking Board is holding a meeting on March 22 for market participants to discuss changes affecting public pension obligations and other post-retirement benefits, including plan redesigns, differing accounting and valuation methods and legal issues.

The Internal Revenue Service's tax-exempt bond office will process Build America Bond and other direct-pay bond payments manually for a two to three weeks to factor in 8.7% sequestration cuts, but are working to ensure this does not delay the payment process.

The American Association of State Highway and Transportation Officials expressed dismay Monday over a House bill for a continuing resolution to fund the U.S. government.

The Municipal Securities Rulemaking Board wants feedback from the public on the top regulatory and other priorities that it should address in its next fiscal year, which begins Oct. 1.

The Internal Revenue Service has closed its audit of $162.53 million of general fee revenue bonds issued by Auburn University, Ala., in 2007 with no change the bonds' tax-exempt status.

Congressional staffers and finance experts speaking at the American Association of State Highway and Transportation Officials Washington Briefing said the outlook for highway funding is more uncertain than ever, while two transport-oriented lawmakers vowed to work across the aisle to make sure state and local officials have federal support.

The Municipal Securities Rulemaking Board has filed a proposed rule change with the Securities and Exchange Commission that would tighten regulation of dealers' muni-related telemarketing practices and require them to respect customers' "do not call" requests indefinitely, rather than for just five years.

The Washington State Department of Transportation said its mistakes in the design of the new Highway 520 floating bridge will costs tens of millions of dollars and delay construction.

The National Governors Association sent two similar letters to President Obama and congressional leaders urging them to put their partisan bickering aside and come together to avoid the automatic, across-the-board budget cuts set to begin Friday.

The Municipal Securities Rulemaking Board will offer a live webcast of its market outreach event with the Municipal Advisory Council of Texas on March 7 in Dallas. This is the first time the board has webcasted an outreach event.

The Securities and Exchange Commission will hold a public roundtable on Tuesday, May 14, to discuss the SEC's December staff Report to Congress on Assigned Credit Ratings, which reviews possible conflicts of interest that arise under the so-called "issuer pay model" and recommends regulatory and statutory changes.

Peabody Energy Corp., which led efforts to develop the mostly bond-financed, joint power agency-owned Prairie State Energy Campus, has received a subpoena from the Securities and Exchange Commission on the coal-fired plant's development.