IRS

The bonds were issued by the Chester County Industrial Development Agency for West Chester University in Pennsylvania.

The Trump administration’s effort to publish a proposed rule comes just over two months after the IRS announced May 23 it was working on the regulations to enforce the $10,000 cap on what previously was an unlimited personal deduction of state and local taxes, also known as SALT.

The Public Employee Pension Transparency Act (HR 6290) would prohibit states and localities from issuing tax-exempt bonds unless they file annual reports on their public pension systems to the U.S. Treasury Department.

The 1.2-percentage point reduction will amount to $12,000 in saving on a $1 million tax settlement.

The audit could be part of an ongoing initiative by the IRS to examine refunding bonds, said a lawyer.

The new service will save dealer firms time and effort as they enter into muni underwriting syndicates.

Tax accountants, financial advisors, private schools, and other organizations are advertising tax credits for donating to private K-12 voucher funds as ways to "sidestep," "bypass," "circumvent," or "mitigate" the impact of the federal SALT deduction cap, according to a survey.

State workarounds for the new $10,000 cap on the deduction for state and local taxes may present new legal issues for the service, nominee Charles Rettig says.

The Kinney County Public Facility Corp. issued $9.23 million in project revenue bonds to finance the the warehouse style building with 384 beds for adults.

The proposed rules would clarify that an institutional investor could take part in a public-private partnership for a bond-financed project without making the bonds taxable.