Tax-exempt bonds

Reps. Steve Stivers, R-Ohio and Dutch Ruppersberger, D-Md., are also drumming up support for the muni market's role in infrastructure finance.

The $11 million in tax exempt bonds that financed the construction of the K through 6 school are being paid off by the owner of the apartment building developed on part of the 1.67-acre site.

All four industry groups that submitted comments on the proposed rule requested a continuation of the practice that allows remarketing reissuances at a premium.

An easier procedure for declaring when a reissuance occurs is among NABL's recommendations.

The household sector owned 42.2% of the nation’s $3.83 trillion in municipal securities in the second and third quarters of 2018, according to Federal Reserve data.

“Major banking organizations have now used this abusive tax shelter scheme to illegally shelter well over $1 billion in taxable income,” said the letter by W. Mark Scott.

The National Association of Bond Lawyers's letter to lawmakers emphasized the infrastructure benefit of protecting the muni market.

Richard Neal, D-Mass., raised optimism among state treasurers that advance refunding of municipal bonds may be part of "a combination of funding sources."

None of the 12 recommendations require congressional action and all are within the scope of the administrative powers of the IRS, according to NABL.

The U.S. Court of Appeals for the District of Columbia ordered a district judge to review four documents totaling 16 pages in an IRS Office of Professional Responsibility case file for possible release under the federal Freedom of Information Act.