Tax rules

The Internal Revenue Service is proposing rule changes regarding the complex relationship between tax-exempt bonds, arbitrage and State and Local Government Series Securities.

Washington D.C.'s Chief Financial Officer is backing the city's Attorney General in defying Congressional action aimed at preventing another tax policy decoupling from the One Big Beautiful Bill Act.

Washington, D.C.'s Office of the Chief Financial Officer released a revenue report showing higher than expected tax revenues and a local economy that's struggling.

The Senate voted to disallow Washington D.C.'s attempt to decouple its tax policy from the One Big Beautiful Bill Act, as the city's mayor charts more budget challenges in the near future.

Experts looking at the oncoming effects of the One Big Beautiful Bill Act predict that states may have to raise taxes on the wealthy or corporations to compensate for rising Medicaid costs.

State legislatures are taxing revenue generated by sports gambling, as an estimated $1.76 billion was wagered on the Super Bowl, with even more expected to change hands during the March Madness college basketball tournament.

Kutak Rock warns tax attorneys about the Internal Revenue Service doing compliance checks as opposed to formal audits on certain multifamily bond issues as tax season is expected to add more stress to an understaffed agency.

The IRS finalized tax code regulations that date back to the financial crisis of 2008 that govern the retirement and re-issuance of tax exempt bonds by state and local governments.

A letter signed by GFOA, NLC and NACo, expressed concerns over the IRS and Treasury's tax credit election, particularly, complexities around pre-filing and compliance.

The clarifications are predicted to boost bond issuance .

While hope remains for certain muni priorities in 2023, others look highly unlikely to gain traction in an ideologically-split Congress.

The lawsuits were filed a day after 11 Democrats in the Senate and a bipartisan group of 47 House lawmakers announced a long-shot effort to repeal the regulation using the Congressional Review Act.

The IRS regulation is targeted at ending workarounds by state and local governments that have been enacted since the cap was included in the 2017 Tax Cuts and Jobs Act.

Upper Arlington Schools District Superintendent Dr. Paul Imhoff said an upcoming vote on an operating levy will be harder to secure.

The limit on the SALT deduction caused an estimated 10.88 million individual taxpayers to lose $323.1 billion in tax deductions for the 2018 tax year, the Treasury Inspector General for Tax Administration reported in February.

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

An advisory panel suggested modifying the fee structure for tax law violations to encourage more issuers to self-report them.

President Donald Trump’s budget numbers don’t add up and his tax and spending plans are likely to lead to bigger deficits and higher interest rates, said former Federal Reserve Chairman Alan Greenspan.