Tax

Revenue estimates for the District of Columbia's fiscal 2016-2020 budget and capital plan remain nearly unchanged from the district's February estimate, D.C.'s chief financial officer said this week.

The House GOP blueprint for tax reform released Friday sparked mixed reactions in Congress, with leading Democrats criticizing its lack of detail and Republicans lauding its proposed pro-growth efforts through limits on deductions, exclusions and credits in the current tax code.

House Republicans released a blueprint for tax reform that left some muni groups and experts concerned that the tax-exempt status of municipal bonds may be in jeopardy.

An Iowa casino and racetrack is challenging the proposed loss of its tax-exempt status by the Internal Revenue Service, claiming it lessens the burdens of government and is a legitimate 501(c)(4) social welfare organization.

The Internal Revenue Service may soon revoke the tax-exempt status of a Georgia housing corporation that for three consecutive years failed to file information returns on a $7.81 million bond issuance in 2013.

The Internal Revenue Service said Thursday it has both added an interactive feature to its Form 8038-CP to help taxpayers avoid mistakes and updated how it processes the forms’ requests for refundable credit payments.

The amount of aggregate tax-supported debt outstanding among states declined slightly in fiscal 2015, according to a report released this week by S&P Global Ratings.

A bipartisan bill introduced in the House would allow state and local governments to issue up to $5 billion in private activity bonds to finance the construction and upkeep of certain publically owned buildings.

The Treasury Department has determined that $385,118 of taxable general obligation qualified zone academy bonds issued by a Missouri school district in 2012 do not qualify for refundable tax credits.

An Internal Revenue Service audit of $73.6 million of Series A excise revenue refunding bonds issued by the city and county of Denver in 2009 has been closed with no change to the bonds’ tax-exempt status.

The House Appropriations Committee on Thursday approved a fiscal 2017 appropriations bill that would reduce funds for the Internal Revenue Service, the Securities and Exchange Commission and the District of Columbia.

The Internal Revenue Service should do more targeted than random audits to reduce burdens on issuers and improve compliance amidst strained resources and staff, an advisory panel recommended.

The Internal Revenue Service ruled that a management contract between a bond issuer and the manager of a hotel who receives incentive fees based on gross revenue will not result in private business use that could jeopardize the tax-exempt status of the bonds.

The Internal Revenue Service and Treasury Department’s proposed rules on political subdivisions are “overly restrictive” and “misguided,” and should be withdrawn or reproposed with a much narrower scope, municipal market groups told the agencies on Monday.

Senate Finance Committee chair Orrin Hatch, R-Utah, is concerned some private nonprofit museums may be exploiting their tax-exempt status and not providing enough public benefits.

The Indianapolis Airport Authority has reached a settlement agreement with the Internal Revenue Service over rebate liability in connection with $347 million of tax-exempt bonds issued in 2006.

The Internal Revenue Service is auditing $105.48 million of passenger facility charge revenue bonds issued by Clark County, Nev., in 2007 to finance capital improvements at McCarran International Airport.

Airport groups, public power systems and a muni advocate group have joined the growing chorus of muni market participants calling for the Internal Revenue Service to withdraw its proposed rules on political subdivisions.

Municipal market participants are urging the Treasury Department and Internal Revenue Service to withdraw their proposed rules on political subdivisions, claiming they are unnecessary, possibly illegal, and would disrupt the municipal bond market.

Municipal issuers and bond lawyers, among others, are hoping the Treasury Department and the Internal Revenue Service make allowances for competitive sales of municipal bonds in rules on issue price rules, which could be finalized as early as this summer.