Tax

Cook County won AAA rating from S&P on its sales-tax backed bond deal, a new pledge that allows the county to distance itself from the woes of Illinois and its own general obligation rating.

The American Bar Association's taxation section sent a letter to lawmakers suggesting 11 options Congress should employ to simplify and reform tax-exempt financing provisions as they consider comprehensive tax reform, including reenacting Build America Bonds.

Oklahoma House Speaker Kris Steele, R-Shawnee, last week formed the House Tax Credit and Economic Incentive Oversight Committee to investigate the effectiveness of the state's economic tax credits and incentives.

Voters across Georgia head to the polls Tuesday to decide whether to raise the sales tax by 1% over the next decade to pay for transportation projects. The tax will raise more than $18 billion over 10 years.

The IRS has closed an audit without changing the tax-exempt status of $43.45 million of Series 2006 general obligation refunding bonds that were issued by the St. Vrain Valley, Colo., School District in April 2006.

Democrats on the House Ways and Means Committee unveiled Build America Bond legislation Thursday that would make permanent the program, as part of a broad manufacturing jobs package.

Sen. Charles Grassley, R-Iowa., called on Congress to review all higher education tax incentives and expenditures, including tax-exempt bonds, as part of comprehensive tax reform.

The National Association of Bond Lawyers has asked to meet with the Treasury Department and Internal Revenue Service officials to discuss closing a perceived "gap" in reissuance guidance that does not cover bonds issuers privately place with banks.

Louisiana needs to do a better job in tracking hundreds of tax exemptions and credits, the president of the Public Affairs Research Council of Louisiana Inc., said.

Two decades since the Supreme Court ruled that states are not required to tax online retailers if they don't have a physical presence in the state, an online sales tax law is finally gaining momentum in Congress.

Cook County commissioners Tuesday gave the administration the green light to issue up to $100 million of sales-tax backed bonds, a first-of-its-kind deal for the nation's second-largest county.

Neil Grover of the taxpayer group Harrisburg Debt Watch will resume the battle against receiver William Lynch over tripling the earned-income tax in Pennsylvania's capital city.

Arkansas election officials last week rejected petitions seeking an increase in the state's tax on natural gas production after more than 70% of the signatures were declared invalid.

A lawsuit filed by a group seeking an election to overturn Glendale, Ariz.'s recent sales tax increase will be heard Aug. 14 in Maricopa County Superior Court

Four state and local groups sent a letter to the House Judiciary Committee ahead of a highly anticipated online sales tax hearing, urging Congress to pass a bill that would allow states the authority to require out-of-state retailers to collect sales tax on goods purchased online.

The IRS has closed an audit without changing the tax-exempt status of $20.7 million of variable rate demand revenue bonds that were issued by the Colorado Crystal Valley Metropolitan District No. 1 in October 2004

Moody's Investors Service earlier this month downgraded Chicago's $578 million of sales tax-backed bonds to Aa3 from Aa2, due primarily to a lack of legal separation between the pledged sales tax revenues and the city's general operations.

The State Budget Crisis Task Force released a report Tuesday that outlines six key fiscal threats that states face, including eroding tax bases and underfunded pension plans.

The IRS overhauled its tribal economic development bond allocation process and is soliciting applications for reallocation of $1.8 billion in available national bond volume cap for TEDs.

The Rockefeller Institute of Government released a report Monday that shows property tax revenue declined 2.8% in the first quarter of 20120, marking the sixth consecutive quarter when collections were adjusted for inflation.