Tax

Reps. Randy Hultgren, R-Ill., and Richard Neal, D- Mass., have introduced legislation that would increase the number of projects that could be financed by qualified small issue manufacturing bonds.

The Senate Finance Committee's tax reform working groups will not be submitting reports to the committee's leaders by the end of the month, as had been expected.

Some market participants want the Treasury Department and Internal Revenue Service to clarify their new proposed issue price rules, particularly regarding certifications that underwriters would make under the proposal.

The U.S. Conference of Mayors adopted a resolution against limiting tax-exempt bonds

The Treasury Department and Internal Revenue Service released new proposed rules on the definition of issue price to allow issuers to rely on the initial offering price under certain circumstances and provide a narrower definition of an underwriter.

A technical advice memorandum concluding that the Village Center Community Development District in Florida was not a political subdivision that could issue tax-exempt bonds will not apply retroactively, the Internal Revenue Service chief counsel’s office said.

The National Association of Bond Lawyers has submitted recommendations to the Treasury Department and Internal Revenue Service on ways to ease and clarify the public approval requirement for private-activity bonds.

Sen. Mark Warner, D-Va., introduced legislation that would create a national infrastructure bank that could provide direct loans and loan guarantees to facilitate infrastructure projects of regional or national significance. The bill would also increase the national volume cap for tax-exempt private-activity bonds for qualified highway or surface freight transfer facilities to $16 billion from $15 billion.

The Treasury Department and Internal Revenue Service should include projects about accountable care organizations, management contracts, issue price and other topics on their 2015-2016 priority guidance plan,said the tax-exempt financing committee of the American Bar Association’s taxation section.

An advisory panel has made recommendations about how the Internal Revenue Service’s tax-exempt bond office can increase its efficiency and effectiveness in a time of dwindling resources and increased market complexity.

A bill introduced in the House on Monday by Rep. Jason Chaffetz, R-Utah, that would authorize states to require out-of-state online retailers to collect their sales taxes is drawing praise from state and local government and retail groups.

Rep. Richard Neal, D-Mass., said he would like to see a revival of the Build America Bond program included in a long-term highway bill.

The Long Beach Community College District in California has paid the Internal Revenue Service about $1.01 million to settle tax issues concerning its $48.37 million general obligation bond issue from 2008.

Rep. Richard Neal and Sen. Edward Markey, both Massachusetts Democrats, introduced identical bills Thursday that would permanently revive the Build America Bond program with lower subsidy rates and prevent issuers from being hurt by sequestration.

A long-term transportation bill offered by the Senate Finance Committee would be likely to include some new type of private-activity bond, a Government Finance Officers Association official said here.

An advisory committee’s tax-exempt bond panel will present a report to the Internal Revenue Service next month on balancing limited resources with needs, the IRS announced Wednesday.

A U.S. Supreme Court ruling that found fault with Maryland's personal income tax collection scheme will cost localities in the state millions of dollars but may not impact their credit ratings, analysts and government officials said.

Leaders of the Senate Finance Committee have given their tax-reform working groups more time to do their work.

Three Minnesota cities disclosed this month that they can redeem Build America Bonds because their federal subsidy payments have been reduced due to sequestration.

Allyson Belsome is returning next week to her position as senior manager for field operations in the Internal Revenue Service's tax exempt bond office, according to the IRS.