Tax

The IRS is auditing $10.24M of bonds issued by the town of Castle Rock, Colo., in 2008.

Severe storms that slammed Kansas this winter are the culprits behind March's drop in sales and income tax collections.

Collections from the Arkansas state income and sales tax came in below expectations in March, dropping total revenue to $346.4 million.

A former director of the Internal Revenue Service's tax-exempt bond office is warning the agency that proposed regulations for whistleblowers will substantially diminish the positive impact of the program for the TEB office and the IRS office of federal, state and local governments.

Fourteen Democratic Senators strongly urged President Obama not to cap or eliminate the tax-exempt status of municipal bonds because it would have a negative impact on both federal and local budgets and ultimately be "inappropriate and shortsighted."

The number and scope of investment projects will decrease for state and local governments if a federal limit is placed on tax-exemption for municipal bonds, the National League of Cities warned in a survey released Thursday.

The IRS' tax-exempt bond office published the first in a series of announcements for available allocations of national bond volume cap for tribal economic development bonds.

NABL is urging Treasury and the IRS to provide guidance ensuring that tax-exempt private-activity bonds don’t become taxable if the issuing governments and nonprofit hospitals take steps to implement President Obama’s health care reform law.

Municipal market participants do not think President Obama's $21 billion multi-pronged infrastructure proposals will gain traction from the issuer community or lawmakers on Capitol Hill.

A Republican congressman from Florida has introduced legislation that would terminate legislative authority for issuing tax-exempt bonds to finance energy conservation, infrastructure, school, hospital small manufacturing and other projects.

The Internal Revenue Service is auditing two separate series of hospital revenue bonds totaling $142.2 million that were issued by the Highlands County, Fla., Health Facilities Authority in 2005 and 2007 and then redeemed.

President Obama will release his fiscal year 2014 budget proposal on April 10, Deputy Press Secretary Josh Earnest said Thursday at a briefing.

As state and local governments prepare to transition to new public pension funding policies this summer, a recently formed task force has released a guide for elected officials to help them develop their pension plans' funding policy.

The $1.2 trillion in across-the-board federal budget cuts known as sequestration will not directly impact states' finances, but will dampen their economic outlook and slow the recovery of their revenues, which are still struggling to return to pre-recession levels, Moody's Investors Service said Tuesday.

The IRS is auditing $356.2 million of revenue refunding bonds issued by the Denver, Colo., Convention Center Hotel Authority in May 2006.

The Internal Revenue Service is auditing $529.1 million of education loan revenue bonds issued by the Alaska Student Loan Corporation from 2003 through 2012.

State and local supporters of the online sales tax bill praised lawmakers for the passage of legislation to allow states to collect a tax from online retailers and catalogs in the fiscal year 2014 Senate budget resolution.

Municipal market groups see diminished support for private-activity bonds despite recent concerns about the use of them raised by House tax committee members, a former federal muni regulator and a state treasurer.

One of the options presented by the Senate Finance Committee to simplify the tax code is to repeal the alternative minimum tax, which is applied to private activity bonds and increases their borrowing costs.

A trio of Midwestern governors have proposed dramatic income-tax cuts — which could impact demand for their state bonds — but are meeting opposition from GOP-led state legislatures.