Tax

The House late Thursday passed a spending bill known as the "cromnibus" that would fund most federal government agencies through the end of the federal fiscal year.

Falling crude prices may make an increase in the federal gasoline tax more politically palatable.

The Cherokee County School System is negotiating with the Internal Revenue Service to settle a tax dispute, after an IRS agent contended in an audit of 2007 bonds that there was an arbitrage problem.

Members of Congress unveiled a fiscal 2015 spending bill late Tuesday, but some provisions tucked into the measure were drawing opposition.

A report released Tuesday by Sen. Tom Coburn, R-Okla., recommends that Congress should eliminate the tax exemption for municipal bonds.

The Airport Commission of the City and County of San Francisco has agreed to pay the Treasury $67,000 and retire $1.145 million of Series A variable rate revenue refunding bonds issued in 2010 to settle a tax dispute with the Internal Revenue Service.

The National Association of State Treasurers is working with Rep. Jason Chaffetz, R-Utah., on a letter to be sent to the House Ways and Means Committee chairman that would make the case for conservatives to preserve the municipal bond tax exemption, a consultant to NAST said Friday.

Miami-Dade County will pay the Internal Revenue Service to settle a tax problem with a seaport revenue bond issue after the city sought a voluntary settlement.

The House on Wednesday passed a bill that would extend through the end of the year expired tax provisions known as "extenders," several of which relate to bonds, state and local taxes and Puerto Rico.

Total tax-exempt and taxable municipal bond issuance in 2015 is expected to edge up to $357.5 billion, an increase of more than 2.7% from the $348.1 billion forecast for this year, according to respondents of an industry survey.

A Republican Congressman on Wednesday said that Congress should pass Internet sales tax legislation.

The House may vote on a bill this week that would extend through the end of the year a number of expired tax provisions, including several relating to bonds, state and local finance, and Puerto Rico.

Pinal County, Ariz. disclosed that it may settle with the Internal Revenue Service to favorably conclude an audit of 2004 Certificates of Participation whose proceeds were used for detention facilities, though the county said it believes there are no tax problems with the COPs.

The Town of Brookfield, Conn. has disclosed that water facilities financed with some of its tax-exempt bonds may have private business use.

Officials of Bell, Calif., the Los Angleles-area city where the former administration was jailed earlier this year for misappropriation of funds, said the tax-exempt status of $35 million in general obligation bonds that came under review by the Internal Revenue Service has been preserved.

The Internal Revenue Service is auditing bonds issued by the East Bay Municipal Utility District in 2003 and 2005.

The Internal Revenue Service has ruled that refinancing loans will qualify as student loans that can be financed with tax-exempt bonds.

A new Congressional Budget Office report mentioned eliminating the tax exemption for new qualified private-activity bonds as an option for reducing the federal deficit.

Having fought many battles with Congress over curbs to bond and other programs that affect affordable housing, John Murphy expects the challenges will continue as he retires from the National Association of Local Housing Finance Agencies after 30 years as its executive director.

The Massachusetts Development Finance Agency and the Wentworth Institute of Technology have entered into a settlement with the Internal Revenue Service to resolve tax issues relating to land located in Concord, Mass. that was acquired with bond proceeds. The institution sold the land in 1998 without redeeming bonds or finding alternative qualified use for the sale proceeds at the time.