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.
The IRS Office of Professional Responsibility took no action on the misconduct allegation against Brad Waterman, but informed him that a record of it would be kept for 25 years and revisited if needed.
The IRS has produced dozens of "issue snapshots" for the tax-exempt bond community, charities and non-profits, retirement plans, Indian tribal governments and federal, state and local governments.
New York, New Jersey and Connecticut are the first states to have created charitable funds that taxpayers can contribute to in order to claim a charitable deduction in lieu of paying state and local taxes.
The IRS is focusing on $435.2 million of Series 2014A senior lien revenue refunding bonds and $75.87 million of Series 2014C second lien revenue refunding bonds.
Vicky Tsilas, who most recently headed branch 5 in the IRS chief counsel’s office for more than a year and a half, was involved in numerous rulemakings and guidance for municipal bonds.
The revenue procedure implements a proposal in President Trump's infrastructure plan that will help facilitate public-private partnership arrangements.
