Tax

An official with a nonpartisan budget watchdog group questioned the effectiveness of tax-exempt disaster bonds and other types of disaster-related tax expenditures during a Senate hearing Tuesday afternoon.

State and local government groups are urging the House to pass the online sales tax legislation called the Marketplace Fairness Act, after a spokesman for House Speaker John Boehner said the Ohio Republican has problems with the bill and has no intention of moving it forward this year.

The Internal Revenue Service is auditing bonds issued in 2006 by the Orange County Health Facilities Authority in Florida for Orlando Regional Healthcare System, now Orlando Health Inc.

The Internal Revenue Service is auditing two bond issues sold in 2007 by Colorado authorities for a university and a health care borrower.

The Treasury Department and Internal Revenue Service have released final regulations concerning the process for recovering overpayments of arbitrage rebate on tax-exempt and tax-advantaged bonds.

The Internal Revenue Service concluded that an Indian tribe's authority is a political subdivision that can issue tax-exempt bonds. The agency also granted a school district an extension to spend the proceeds of qualified school construction bonds it issued.

Key congressional tax staff for Democrats on Thursday rejected the idea of corporate-only tax reform, saying it would be a tough sell to lower corporate tax rates in a bill that contains no benefits for individuals.

Republicans won enough races in Tuesday's midterm elections to gain control of the Senate - the first time they've controlled both chambers in eight years. At least two Senators who have sponsored bills relating to bonds and state and local finance during the last two years lost their reelection bids.

Lower income households benefit more from tax-exempt debt than shown by traditional analyses, researchers at the Urban Institute found.

The Independent School District No. 832 in Minnesota is issuing bonds to refund Build America Bonds, and the City of Grand Forks, N.D. has started a process that may lead it to do the same.

Most states are likely to have more new capacity to issue private-activity bonds in 2015 than they did this year, after the Internal Revenue Service raised the minimum state volume and maintained this year's per capita rate.

Business tax professionals expect tax reform in the next several years, with 2017 being the most likely year for enactment, the latest Tax Reform Business Barometer from The Tax Council and Ernst & Young LLP found.

The internal Revenue Service is conducting a targeted audit of Philadelphia's series 2010A water and wastewater revenue refunding bonds, $396.46 million of which were issued.

At least two issuers recently redeemed or said they are planning to redeem bonds issued to finance detention facilities because of private use. One redemption was required under a settlement between the issuer and the Internal Revenue Service and the other was triggered by provisions in the offering document.

John Cross will leave as director of the SEC's Office of Municipal Securities next month to succeed Vicky Tsilas as the Treasury Department's associate tax legislative counsel, according to the SEC and sources. Tsilas is rejoining Ballard Spahr in January.

The Internal Revenue Service is auditing economic development revenue bonds issued by St. Joseph County, Ind. in 2007 for Saint Mary's College.

Federal subsidy payments to issuers of Build America Bonds and other direct-pay bonds that are processed during fiscal 2015, which began Oct. 1, will be reduced by 7.3% under sequestration.

Former Financial Industry Regulatory Authority vice chairman Stephen Luparello received $5.34 million of total compensation in 2012 — the highest of any of the individuals in The Bond Buyer's annual survey of the compensation levels at 21 industry, self-regulatory, state and local, and muni related groups.

Internal Revenue Service Commissioner John Koskinen is urging Congress to decide soon whether or not it wants to extend tax provisions that expired at the end of 2013.

The Internal Revenue Service is calling for applications and nominations to fill two upcoming vacancies on the tax-exempt bonds subcommittee of the Advisory Committee on Tax-Exempt and Government Entities.