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.

Cross, who served as associate tax legislative counsel at the Office of Tax Policy until Friday, said that he resigned in order to be closer to family.

Iowa accounted for $16 million of the approximately $36.1 million in aggie bonds issued in 2017, according to a recent survey by the Council of Development Finance Agencies.

The number of trades decreased about 16% to 2.01 million from the same quarter in 2018.

California, Massachusetts and New York came closest to utilizing their volume caps for PABs in 2018, according to a recent survey by the Council of Development Finance Agencies.

The number of letter rulings fell to four in 2018 when the fee rose to $28,300, from 16 rulings in 2008 when the fee was only $11,500.

S&P Global reports state HFAs are maintaining high ratings this year, “buoyed by demand for affordable housing and mortgages, low interest rates, relatively low unemployment, increasing wages, and the overall strong domestic economy.”

Public safety and jail bonds, sinking fund overfunding and variable rate bonds are the top IRS compliance and enforcement priorities for the municipal bond market in fiscal 2020.

Despite his pessimism about legislation, Mayor Steve Benjamin was upbeat about the effort by himself and other advocates of the municipal bond industry to get out their message.

Internal Revenue Service enforcement officials told NABL workshop attendees the service is hiring five new revenue agents, up from the current 20, and two additional tax law specialists.

Rich Moore takes over the top spot at NABL during the first day of a three-day annual conference in Chicago.