Tax-exempt bonds

Jail bonds are being targeted for audits by the IRS this year with respect to whether federal government use of locally built facilities or management contracts with localities causes excessive private business use.

The challenge this year will be biggest in the three states that were found by the Council of Development Finance Agencies to be closest to using their 2018 limits — California, New York and Massachusetts.

Another round of tax legislation is not expected to emerge until the very end of the year after the presidential election or in 2021 after a new Congress is sworn in.

Kenneth E. Bentsen Jr., the securities industry trade group's CEO, warned against a proposal to exempt some muni advisors from registering as broker-dealers.

Debbie Mayfield cites an increasing number of fatalities where Virgin Trains operates between Miami and West Palm Beach.

In formal comments filed with the federal government and separately to GASB, municipal finance groups have given the regulators generally high marks.

Each state would be guaranteed $25 million in bonding authority each year, with an additional $1.25 billion in authority allocated among the states according to rural population.

The council suggested the VCAP program would remain in place for issuers who need a legally binding agreement, but would become the third tier of a system that would offer two simpler options.

Longtime IRS employee Allyson Belsome will serve as senior manager for the office of Tax Exempt Bonds.