Tax-exempt bonds

The public notice filed on EMMA is the first report by any issuer in calendar 2021 of any type of IRS audit communication.

Republican opposition to tax increases supporting an infrastructure bill may hamper the advancement of hoped-for muni tax provisions.

Reinstating certain municipal bond provisions would make way for more infrastructure investment.

The shift was due mainly to the growth of separately managed accounts and other alternative ways that retail investors get involved in the market.

Issuance dropped 26.7% in January, tax-exempt issuance fell 32.6% while refundings and taxables saw smaller declines. Part of the drops were due to the typical nature of lighter January issuance but also issuer anticipation of potential federal aid to combat the pandemic.

This is the first time a coalition representing the buy-side, sell-side and others on the business side of public finance will lobby for specific municipal bond provisions on the Hill.

President Joe Biden's pick for transportation secretary took questions from a Senate panel on how the nation might pay for robust infrastructure.

The Treasury and IRS have only granted a few of the National Association of Bond Lawyers' requests for pandemic-related regulatory relief.

Sen. Charles Grassley of Iowa's ask seems unlikely given that tax law originates in the House and incoming President Joe Biden's proposals to increase taxes.

Public finance groups are optimistic 2021 will be a breakthrough year for federal tax law changes to help spur the use of tax-advantaged bonds.