Private activity bonds

A new law allows state agency Space Florida to sell revenue bonds for private aerospace firms without requiring approvals from the state governor or cabinet.

Citing market turmoil from the pandemic, a California conduit issuer gave the Virgin Trains USA project a five-month extension to sell $3.25 billion of debt.

Highlights of a House Democrat legislative package include a new series of taxable direct-pay bonds that would start with a federal 42% subsidy for interest expenses.

The Move America Forward Act would permanently reinstate Build America Bonds, advance refundings and expand the issuance of private activity bonds.

PABs represented 25.4% of all tax-exempt bonds issued in 2017, up from 21.5% in 2016.

Indian River County petitioned the court to overturn its unsuccessful appeal against the U.S. Department of Transportation and the passenger train operator.

IRS General Counsel Michael Desmond said Wednesday his office has received “a number of requests” for extending deadlines.

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.

Virgin Trains USA hopes to sell tax-exempt bonds from its $600 million California allocation this summer.

"Like all businesses, we are operating in a period of uncertainty which may last several months," Virgin Trains/Brightline President Patrick Goddard said.