Tax regulations

Sen. Susan Collins introduced the SALT Deduction Fairness Act last week, the latest effort to restore a full income tax deduction for state and local taxes.

Revenue from the new law would replenish the state's unemployment fund and then cut taxes on commercial real estate rents.

The administrative shuffle also means that Edward Killen, who had been promoted to Acting Commissioner of TEGE, will return to the role of deputy.

Three House Democrats say they won’t support tax hikes unless the Biden tax plan includes a repeal of the $10,000 cap on state and local tax deductions.

Treasury Secretary Janet Yellen said President Joe Biden favors boosting taxes on companies, and signaled openness to considering raising rates on capital gains, while steering clear of a wealth levy.

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

New Jersey and Connecticut on Tuesday joined a legal battle to stop neighboring states from taxing residents who due to the pandemic have stopped commuting over state lines and are now working remotely.

Johanna Som de Cerff of the IRS Office of the Associate Chief Counsel spoke during an online presentation to the National Association of Bond Lawyers.

The new alternative reference rates cited by Treasury and the IRS include the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York and the Federal Funds Rate.

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

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. Securities and Exchange Commission.

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.

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

National Association of Bond Lawyers President Dee Wisor and President-elect Rich Moore discuss infrastructure, regulation, tax law and the group's educational efforts. Kyle Glazier hosts.

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.

Treasury is requiring both more and less specificity in the public approval process for private activity bonds.

Only five priorities remain on the Treasury and IRS work plan in 2019 for the municipal bond market.

The Federal Register publication of the finalized PAB regulation takes effect April 1, but part of it can be implemented by issuers immediately.

California and New York City are showing us the path forward, as they often do, in the face of the new limits on the federal deduction for state and local taxes.