Tax

The Internal Revenue Service has issued a preliminary determination that bonds issued by the City of Corpus Christi, Texas, may be retroactively taxable.

President Joe Biden's $1.7 trillion bill passed the House after months of debate and without any of the municipal bond market's priorities.

Treasury may have some leeway when interpreting the new tax and buysiders say it's unlikely to hurt demand even if it becomes law.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

The inability to advance refund has cost issuers up to $10 billion since 2020, according to Municipal Market Analytics, a figure lobbyists hope will help make their case.

President Biden had pledged to end the law that excludes residents of Puerto Rico from the federal supplemental security income program.

Two major pieces of President Joe Biden's domestic agenda, which carry implications for the municipal bond market, advanced in the House Friday.

The municipal bond market is closely watching proposals from the House and the Senate to overhaul the SALT federal deduction cap.

"Compromises had to be made," Neal said about muni market proposals being dropped from the Build Back Better agenda.

Key institutional players like banks and insurance companies may have less incentive to buy tax-exempt munis if the provision becomes law.

The SALT deduction cap could be increased, suspended or repealed.

Louisiana voters will decide Nov. 13 on constitutional amendments that affect how income taxes are calculated and sales taxes are collected.

The tax on unrealized capital gains would be straightforward for securities that trade frequently, but less so for less-frequently traded assets like many munis.

Two issuers, the San Diego County Regional Airport Authority and the Village of Franklin Park, Illinois, have disclosed in the past week that they’re under audit by the Internal Revenue Service.

Tax-exempt bonds are a very different area of the law.

The Internal Revenue Service’s Tax Exempt Bond program will not be significantly overhauled as part of the agency’s restructuring and modernization efforts, officials say, but there are a few changes to forms and procedures that bear paying attention to.

Another correctional facility avoids a private business use tax penalty.

The National Association of Bond Lawyers' new president intends to focus the group's efforts and provide support for infrastructure legislation in Washington.

Per-pupil revenues and long-term debt spending are rising across the country

The IRS extension allowing TEFRA hearings to be completed over the phone through March 31, 2022, might well be extended even more, tax lawyers say.