Tax

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.

CDFA plans to support tax-exempts and promote legislation to ease restrictions on bonds, according to its 2017 policy agenda

Factually flawed methodology utilized by the Joint Committee on Taxation poses a key challenge as the municipal market seeks to maintain full access to the tax exemption.

Tax-exempt governmental bonds will result in revenue losses to the federal government of $194.7 billion over the five fiscal years 2016-2020, the Joint Committee on Taxation estimated in a report this week.

The Internal Revenue Service has initiated an audit of $26.5 million of zero coupon bonds issued by an authority in Wisconsin last August to monetize a grant Dallas gave to a company redeveloping buildings that housed the old Statler Hotel and Dallas Public Library.

The Internal Revenue Service has told the California Municipal Finance Authority that $32.5 million of refunding bonds it issued in 2007 for Exxon Capital Ventures, Inc. are taxable, but the borrower is disputing the finding.

President Trump’s nominee for Treasury Secretary Steven Mnuchin told lawmakers in writing that he plans to “enhance” private activity bonds so that they can be used to encourage more private investment in infrastructure projects.

Unspent proceeds at the time of a current refunding will not cause Build America Bonds to lose their qualified status for Treasury subsidy payments, the Internal Revenue Service recently found in a recent private letter ruling.

The Internal Revenue Service has published a new revenue procedure updating management contract safe harbors to address certain types of compensation, the timing of the payment of compensation, the treatment of land, and the methods of approval of rates.

A coalition of more than 60 muni advocates will work to uphold President-elect Donald Trump’s support for the muni exemption, the U.S. Conference of Mayors said this week.

The Internal Revenue Service Whistleblower Office awarded more than $61 million to whistleblowers in fiscal 2016, the agency said Thursday.

Tax reform legislation should preserve the tax exemption for municipal bonds and reinstate Build America Bonds for infrastructure financing, Rep. Richard Neal, the top Democrat on the House Ways and Means Committee, told reporters Thursday.

Municipal market participants see a slowing of Treasury Department and Internal Revenue Service guidance and rules in 2017, but plan to closely watch for tweaks to management contract guidance, final requirements for public approval of private activity bonds and political subdivision rules.

State and local groups told members of Congress that tax-exempt bonds are the cornerstone of infrastructure financing, as the lawmakers consider how to increase spending on roads and bridges as well as tax reforms that could entail restrictions on tax exemption.

Six lawmakers are joining the powerful tax-writing House Ways and Means Committee, while two are joining its counterpart, the Senate Finance Committee.

A flurry of Republican bills and resolutions were introduced during the opening week of the 115th Congress, several of which aim to abolish the Internal Revenue Service and require a balanced federal budget.