Tax

Just three months after the operator of the parking garages at New York's Yankee Stadium defaulted on its debt, it faces another obstacle, this time with the Internal Revenue Service.

A new report by a budget group might bring a sigh of relief to muni market participants as it outlines alternatives to raising revenue that don't include curtailing tax-exempt bond interest and other tax expenditures.

The funded ratios of state pension systems continue to fall but the rate of decline is tapering, Fitch Ratings concluded in a report Tuesday.

The Internal Revenue Service has closed its audit of $650 million of general obligation limited tax school bonds issued in 2007 by Clark County, Nev. School District without changing their tax-exempt status.

Two more election cycles, fierce gridlock in Congress and a complicated tax code likely means that comprehensive tax reform won't happen until at least 2017, Mike Nicholas, chief executive officer of the Bond Dealers of America, told a group of student loan issuers Thursday.

The IRS is auditing $220.74 million of general obligation bonds issued by the San Diego Unified School District in 2010 and 2012.

The House Appropriations Committee's subcommittee on financial services and general government approved a bill Wednesday to cut the Internal Revenue's Service budget to $9 billion for fiscal 2014.

Dozens of lawmakers are urging House leaders to reject proposals to eliminate or cap the exclusion for tax-exempt bonds.

Warning of a growing public pension debt crisis, Sen. Orrin Hatch introduced reform legislation on Tuesday that would allow state and local governments to invest in annuity contracts with private life insurance companies.

The Internal Revenue Service has floated guidance to address a tax law concern about rules proposed by the Securities and Exchange Commission that could require money market funds to move to floating net asset values.

The cities of Kaukauna and Oshkosh Wis. have announced they can redeem taxable direct-pay bonds because their redemption provisions were triggered by federal subsidy reductions that went into effect in March

Rep. Jim McDermott, D-Wash., is urging the Treasury and the Internal Revenue Service to update 16-year-old safe harbor provisions for tax-exempt health care bonds so that they will not conflict with health care reform.

The issuance of new bonds is a refunding, notwithstanding the technical termination of a partnership within six months, the IRS concluded in a recent private-letter ruling.

The Internal Revenue Service has granted a city more time to spend the proceeds of qualified zone academy bonds after determining that the failure of school districts to spend the proceeds within the required time frame was due to reasonable cause.

A New Hampshire issuer appears to be the first student loan issuer to withdraw from the Internal Revenue Service's voluntary closing agreement program to settle a tax law dispute over some of the $135.4 million of adjustable-rate education loan revenue bonds it issued in 2011.

Alabama's Jefferson County expects to propose a closing agreement to the Internal Revenue Service within a few weeks on nearly $3.1 billion of outstanding sewer revenue warrants.

The Senate Finance Committee's top two tax writers asked their 98 colleagues on Thursday to submit detailed proposals justifying which tax breaks should be kept in the code as they move forward on comprehensive tax reform.

The Internal Revenue Service's Tax Exempt Bond Office published an educational paper summarizing processes to help issuers comply with federal tax law requirements and the voluntary closing agreement program provisions.

Former President Bill Clinton strongly urged Washington Tuesday to pass a national infrastructure bank bill and encouraged state and local governments to embrace more public-private partnerships.

Philadelphia Mayor Michael Nutter castigated Washington for balancing its budget on the backs of local governments and proposing to curb the tax exemption for municipal bonds.