Regulatory priorities for the Internal Revenue Service and Treasury Department this year and next include proposing guidance on the definition of a political subdivision for tax-exempt, tax-credit and direct-pay bonds, according to plans they recently released.

"On the definition of political subdivision, I'm hopeful that inclusion on the guidance list indicates a willingness to reconsider the analysis that is in the technical advice memorandum," said Scott Lilienthal, a partner at Hogan Lovells LLP and president of the National Association of Bond Lawyers.

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