Tax

The National Association of Bond Lawyers would like to see several items on the Treasury Department’s and Internal Revenue Service’s 2015-2016 guidance plan, including guidance on reissuance, management contracts and issue price.

The Internal Revenue Service has granted a school district that experienced "financial distress" a roughly 16-month extension to spend the proceeds of its qualified school construction bonds.

The North Texas Tollway Authority is undergoing an Internal Revenue Service Examination of its 2009 variable-rate bonds as it prepares to refund $871 million of second-tier bonds, according to an addendum to the preliminary official statement.

The American Public Power Association has told the Treasury Department that it supports proposals in President Obama's fiscal 2016 budget that would simplify federal tax law pertaining to municipal bonds and would like the department to take further efforts to simplify private business use rules.

The municipal bond market will have an ally in the top echelon of Senate leadership if Sen. Chuck Schumer, D-N.Y., becomes the Senate Democratic leader in 2017, as is widely expected, tax and municipal bond experts said.

The Internal Revenue Service has determined that multifamily housing revenue bonds issued by the Tulsa County Industrial Authority in 2003 are taxable, but it is unclear to what extent bondholders will be affected by the Service's conclusion.

Congress should eliminate the state and local tax deduction and offset the deduction's removal with a reduction in marginal tax rates, a report from The Heritage Foundation argued.

The Internal Revenue Service is expected to challenge the Scottsdale Municipal Property Corporation’s allocation of some its 2013 bonds to refinance a lease agreement in connection with to a garage adjacent to the largest luxury shopping mall in Arizona.

Non-governmental entities’ access to the tax-exempt bond market should be better controlled, a tax expert told state treasurers Tuesday.

Thirty states’ tax receipts, adjusted for inflation, had not fully rebounded from the Great Recession more than five years after its end, according to an analysis released by a nonprofit organization on Monday.

The Treasury Department and Internal Revenue Service are seeking recommendations for items that should be on its 2015-2016 priority guidance plan.

Rep. Randy Hultgren said he has developed an appreciation for bonds as a result of his past experiences in both the public and private sectors.

Leaders of the Senate Finance Committee are soliciting ideas from stakeholders and members of the public on how best to overhaul the nation’s “broken” tax code to make it simpler, fairer and more efficient.

The National Governors Association has written to House Speaker John Boehner to correct what it calls a "misunderstanding" underlying a recent draft online sales tax proposal made by House Judiciary Committee chair, Rep. Bob Goodlatte, R-Va.

The Internal Revenue Service has begun auditing limited-tax general obligation, medium-term street bonds issued by Reno, Nev., in 2009.

The Internal Revenue Service has advised several community development districts in Florida that they may not be political subdivisions that can issue tax-exempt bonds if they do not have public electors within five years of their bonds' issuance, a bond lawyer said.

The Internal Revenue Service's much-criticized memorandum on the defeasance of Build America Bonds is the product of the fact that BABs were a short-term program, an official with the Internal Revenue Service chief counsel's office said Thursday.

Bond lawyers are warning their issuer clients that they are operating at their own peril if they do not spend their bond proceeds in a timely fashion, since Internal Revenue Service agents in audits are raising concerns about proceeds that are spent late or not spent at all.

The Village Center Community Development District in Florida said Monday that it disagrees with two Internal Revenue Service notices that asserted that the district's bonds are taxable.

The dialogue over tax reform provides an opening for state and local governments to educate members of Congress and their staff about municipal bonds, how they work and what they do.