Tax

The Treasury Department and Internal Revenue Service have proposed long-awaited rules on arbitrage restrictions for tax-exempt bonds, including issue price, as well as rules on arbitrage rebate overpayments.

A tax-exempt bond advisory panel to the Internal Revenue Service has recommended that the agency publish three documents to provide guidance to issuers of small governmental bond issues and conduit borrowers of small 501(c)(3) nonprofit bond issues about complying with arbitrage rebate and yield restriction requirements.

Missouri Republicans failed to override Democratic Gov. Jay Nixon's veto of a tax cut package.

The Internal Revenue Service is auditing $604.14 million of general obligation limited tax bond bank bonds that were issued by Clark County, Nev., in 2006.

Reforms to the tax-exemption of municipal bonds should be "careful and deliberative, particularly in how they treat previously-issued debt," a report from the Committee for a Responsible Federal Budget said.

The Internal Revenue Service has closed its audit of $149.09 million of Beaverton, Ore., School District general obligation bonds with no change to the bonds’ tax-exempt status.

The Village Center Community Development District in Florida is urging the Internal Revenue Service to allow its $427.2 million of bonds to remain tax-exempt, claiming the IRS’ finding that the bonds are taxable alters long-standing and well-settled law and should not be retroactively applied.

Securities and Exchange Commission chairman Mary Jo White's annual salary is $165,300, far below the base compensation of any of the top-paid, full-time officials of 21 self-regulatory, industry, government, and other municipal securities-related groups, most of which the SEC either oversees or have members the commission regulates or protects.

Rebecca Harrigal is set to become the first female director of the Internal Revenue Service's tax-exempt bond office in October.

Congress should permanently reinstate a Build America Bond program with a 28% subsidy rate to encourage state and local governments to invest in infrastructure projects, Brookings Institution recommended in a report this week.

Bonds for Willacy County’s $7 million jail in the town of Raymondville are among several being audited by the Internal Revenue Service.

Tennessee has the highest combined state and local rate of 9.44%, a Tax Foundation study said Wednesday.

Former Harrisburg, Pa., City Council attorney Mark Schwartz asked the IRS to halt the incinerator sale to Lancaster County, calling the deal "anti-competitive."

The federal government will exhaust all of it’s borrowing authority in mid-October and unlikely to pay all of its bills with the cash on hand, Treasury Secretary Jacob Lew said Monday.

Despite improving local revenue growth, severe budget challenges persist at the local level, namely the unsustainable nature of defined benefit contribution plans, a Wells Fargo Securities report said Monday.

The Internal Revenue Service is auditing $196.94 million of revenue refunding bonds issued by East Baton Rouge, La., sewage commission in 2006.

The Virgin Islands Public Finance Authority will pay the Internal Revenue Service $13.6 million to settle a tax dispute over $219.49 million of bonds issued it in 2006.

Public pension systems showed positive earnings on investments for the second consecutive year in 2011 and exceeded prerecession levels for the first time, the Census Bureau said Thursday.

New York State Tax Collections are up 13% in the first four months of the state's fiscal year.

The Internal Revenue Service has closed its audit of Rhode Island's $197 million tobacco settlement bonds, ruling that the bonds remained tax-exempt.