Treasury Department

Emrich is a longtime credit and bond analyst in the municipal securities market.

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 federal government ran a $214.3 billion surplus in April, the Treasury Department reported Thursday.

The revenue procedure implements a proposal in President Trump's infrastructure plan that will help facilitate public-private partnership arrangements.

Employers in New York also are allowed to implement a 5% payroll tax as a way of paying some of their employees’ state income taxes.

It's important and constructive to talk about these kinds of alternatives to advance refundings, market participants said.

The new tax law that terminated advance refundings of bonds after Dec. 31, 2017, does not specify that only "tax exempt" refundings are prohibited.

The subsidy payments for direct-page bonds are claimed using IRS Form 8038-CP, which is a "smart form" designed to prevent entry errors.

NABL favors shortening to seven from 14 days the advance notice requirement for a public hearing about the issuance of PABs.

John Cross, the Treasury Department's associate tax legislative counsel, said the existing tax rules are clear on advance refundings of taxable debt.