Education Tax Finance & Banking

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Community Colleges Must Report Debt Revenue Loss By Friday Under Michigan Personal Property Tax Reform

Recent reforms to the Michigan personal property tax require community colleges to report their debt revenue loss to the Michigan Department of Treasury by September 5, 2014....more

Alabama Legislative Update - Week 6: Halfway Through the Session, Tax Bills Take Center Stage

Last week marked the halfway point in this legislative session, with Tuesday being the 15th of 30 legislative days. Legislative leaders still expect the 2014 session to end on April 7....more

START-UP NY: Creating Tax-Free Zones for High-Tech Startups in New York State

In an effort to attract startup companies and leverage the research capacity and workforces available in New York’s colleges and universities, New York State recently established tax-free zones for certain startup companies....more

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

Junior Goes to College! Innovative Strategies to Save for Your Children's College Education with Pre-Tax Dollars

Overview - The cost of college tuition has gone through the roof. The average cost of a private university can range from $40,000-60,000 per year. The cost of a public university is a lot less in most cases except that...more

Update -- State Supreme Court Denies Review of Bond Expenditure Case

We reported back in April that the Court of Appeals restricted the use of bond expenditures in the case Taxpayers for Accountable School Bond Spending v. San Diego Unified School Dist. (---Cal.Rptr.3d---, Cal.App. 4 Dist.,...more

529 Plans–Not Always The Best Alternative

Section 529 plans offer many advantages in regard to funding education....more

July Economic Update Reports $463 million more in Revenue

Minnesota Management and Budget’s (MMB) July Economic Update reported that general fund revenues for FY 2013 have increased $463 million since the February Forecast. This revenue increase must be reconciled by MMB with any...more

Spotlight on Mississippi: New and Increased Tax Incentives

Governor Phil Bryant recently signed into law two pieces of legislation aimed at increasing investment within the State of Mississippi....more

Court Prohibits Bond Expenditure on Stadium Lighting Because Lighting Was Not Specifically Listed as Contemplated Project

The California Court of Appeal, Fourth Appellate District, recently held that school district bond revenues could not be spent on stadium lighting where the bond proposition did not specifically list field lighting as part of...more

Court of Appeal Narrowly Reads School Bond Measure Language In Siding with Taxpayer Group’s Challenge To High School Stadium...

The California Court of Appeal, Fourth Appellate District, recently held that school district bond revenues could not be spent on stadium lighting where the bond proposition did not specifically list field lighting as part of...more

Alabama Legislative Update – Week 13: Budgets Approved, Medicaid and Tax Bills Sent to Governor Bentley

With the constitutional deadline of midnight on the 30th day closing in, Alabama lawmakers worked at a feverish pace to complete work on some of the most substantial and controversial legislation in the 2013 session....more

Recent 403(b) Developments

Background - 403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more

School Districts Cannot Spend Bond Money on Projects Not Disclosed to Voters - School Bonds with 55 Percent Vote Threshold Must...

The Fourth District Court of Appeal recently upheld a challenge to a school district’s spending voter-approved bond proceeds for field lighting at a high school stadium because the ballot proposition did not specifically list...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

Alabama Legislative Update – Week 8: Burning The Midnight Oil

When lawmakers returned on April 2 for the second half of the 2013 Regular Session, the 16th legislative day resulted in one of the longest of the year, with both houses adjourning close to midnight and then putting in long...more

Government Relations Alert: Adjusting For A Reduced Shortfall, Governor Dayton's Revised Budget Excludes Sales Tax Overhaul

Governor Dayton yesterday unveiled his revised budget for fiscal years 2014-2015. With Minnesota Management & Budget (MMB) recently projecting the FY 2014-15 shortfall at $627 million, down from last November's estimate of...more

Sequestration: Federal Subsidy Payments for BABS and Other Direct-Pay Subsidy Bonds will be Reduced 8.7%

Pursuant to the Balanced Budget and Emergency Deficit Control Act, on March 1, 2013, the President issued the sequestration order which requires automatic spending cuts ("sequestration") as the result of Congress' failure to...more

Effect of Sequestration on Direct-Pay Bonds

The American Recovery and Reinvestment Act of 2009 allowed, for a limited period of time, the issuance of taxable state or local bonds for which the U.S. Treasury Department pays the issuer a specified percentage of interest...more

Property Tax Data Can Aid School Districts In Budgeting And Levying

There are a number of little known sources of data that can assist school districts in their financial planning and public relations efforts. This information is available from local officials and State agencies as well as...more

School Loan Revolving Fund Changes Act 437 of 2012

The long debated changes to the State law implementing the School Bond Qualification and Loan Act were enacted in December as part of the Legislature's lame duck session, and became effective on December 27, 2012, as Public...more

Government Relations Report: A Preview of Iowa's 86th General Assembly

The 2013 Iowa legislative session will gavel in on Monday, January 14, the first of the two-year 86th General Assembly. For the most part, the 86th General Assembly will look very much like the last with a split legislature....more

Tax-Free Employee Educational Assistance Programs Extended by Fiscal Cliff Legislation

At the end of last year, we alerted you that the beneficial tax treatment of educational assistance programs under Section 127 of the Internal Revenue Code (the Code) pursuant to which an employer pays, or reimburses, an...more

Can Taxpayers Challenge the State's School Financing System?

Our preview of the September term of the Illinois Supreme Court continues with Carr v. Koch. Plaintiffs have challenged states' school financing systems on constitutional grounds for nearly two generations now. The state...more

Congratulations on Your Scholarship. Don't Forget to Pay Uncle Sam

A new school year has started and many families have dropped their children off at college. While the schools supplies are purchased and your family has slipped back into a normal routine, you may have a little more work to...more

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