Tax

The San Antonio Water System is facing its first audit by the Internal Revenue Service in years, as the IRS examines the tax-exemption on $83 million of bonds.

Bond lawyer and dealer groups are drafting revisions to bond documents for market participants to begin using by June 7 when the Internal Revenue Service’s issue price rules take effect.

The Glades Correctional Development Corp. in south-central Florida shorted its March 1 debt-service payment, the trustee said in a notice, as the date for a taxable bond exchange approaches due to an IRS ruling.

The administration wants tax reform to be passed by August, while hundreds of groups press lawmakers to preserve full muni tax exemption.

House members reintroduced a bill to modernize and ease tax law restrictions for small bond issues used to finance manufacturing facilities.

The Glades Correctional Development Corp. in south-central Florida said that it received a preliminary Internal Revenue Service determination that its 2006 bonds violate the private activity use test.

The IRS won't be issuing any rules or significant guidance for a while in the wake of President Trump's regulatory actions.

Two corporate executives and lobbyists told treasurers meeting here on Monday that they are hearing positive things about municipal bonds from legislative staffers, but a senior tax staffer from the Senate Finance Committee said tax reform may slip into 2018.

Rep. Steve Russell has introduced a bill that would treat bonds used to finance professional sports stadiums as taxable private activity bonds.

The Internal Revenue Service has determined that District of Columbia’s PILOT revenue bonds are taxable.