Tax Finance & Banking Education

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Year-End Tax Planning with Tax Credit-Funded Scholarships

The Alabama Accountability Act provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO). Alabama’s neediest school children can be helped at little...more

IRS Relaxes Restrictions on Management Contracts for Bond-Financed Facilities

The IRS on August 22, 2016 released long-anticipated Revenue Procedure 2016-44 (Rev. Proc. 2016-44), which substantially increases flexibility in, and provides a less formulaic approach to, the ability of a tax-exempt bond...more

FY 2017 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.9 Percent

According to an update released by The IRS Office of Tax Exempt Bonds (TEB), the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in FY 2017 will be 6.9 percent. This percentage will...more

Good News! New 409A Regulations (Yes, Really!) – Part 4: Getting Paid

On the TV show Futurama, the aged proprietor of the delivery company Planet Express, Professor Hubert J. Farnsworth, had a habit of entering a room where the other characters were gathered and sharing his trademark line,...more

Legislative Update

With negotiations on the budget bill (HB 1030) still continuing outside the public view, this week the General Assembly focused on other issues. Tax Proposals; Services Tax Clarifications and New Market Jobs Act - ...more

Naming Rights, Sponsorships, Advertising and Other Private Business Use Relating to Texas Public High School Stadiums and Other...

In addition to building some of the nation's largest high school football stadiums, Texas public school districts are following a national trend – the sale of naming rights to football stadiums and other district facilities....more

Higher Learning: A Potentially Expensive Lesson About 529 Plans

A “529 qualified tuition plan” is an education savings plan designed to encourage and help families set aside funds for future college costs. It’s named after Section 529 of the Internal Revenue Code, which created this type...more

School Districts: Tax Cap Upheld Over Strong Dissent - Next Stop N.Y.’s Highest Court (5/16)

The Appellate Division, Third Department today upheld a constitutional challenge to New York’s tax cap. The suit, brought by NYSUT, asserted several different legal theories challenging the constitutionality of the statute....more

How will the March Primary and 2016 Legislative Session impact businesses operating in North Carolina?

Given their potential impact on businesses operating in North Carolina, it’s important to watch the 2016 primary election results and this year’s Legislative session....more

Congress Inquires About College and University Endowments

US House Committee on Ways and Means and US Senate Committee on Finance issue joint letter to colleges and universities with endowments greater than $1 billion. On February 8, the US Senate Committee on Finance and the...more

Helpful News from IRS on Student Loan Bonds

On November 13, the IRS issued Notice 2015-78, providing favorable guidance on topics of interest to providers of “supplemental” or “alternative” student loans financed with tax-exempt bonds and to underwriters of such...more

School Buses Exempted from Property Tax

While children sing the “Wheels on the Bus Go Round and Round” as they head to school, it is highly doubtful that they ponder who has to pay the taxes for those wheels. Yet, this very question arose recently in the New...more

The ABLE account: A good alternative to a special needs trust?

Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account,...more

Alabama 2015 Regular Session Legislative Summary: June 2015

The Alabama Senate adjourned sine die on Thursday, June 4, and the Alabama House of Representatives met for their last day on Thursday, June 11. Although the legislature passed a record-setting, $6 billion Education Trust...more

House Bill 15-1348-Urban Renewal – Frequently Asked Questions

H.B. 15-1348 was signed by the Governor on May 29. The bill enacts several changes related to urban renewal authorities and tax increment financing for such authorities including governance changes and changes related to how...more

Nevada Legislature Changes Procedure For Certain Bonds (AB 170)

AB 170, a bill amending NRS 350.020 passed by the Nevada Legislature, was signed by the Governor on June 11, 2015. It amends subsection 3 of NRS 350.020 which specifies the procedures to be followed to issue general...more

Tax Law Blog: Did you miss the last holiday in May? Friday was 529 Day

Did you miss the last holiday in May? Friday, May 29th (5/29) was “529 Day,” referencing 529 college savings plans. If you are asking what a 529 Plan is, you are not alone. A recent Forbes article discussing the so-called...more

NC Politics in the News

Members of the North Carolina General Assembly had a full schedule last week, considering bills on everything from repealing the state’s cumbersome Map Act to voiding a law which required teachers to write Personal Education...more

Minnesota Weekly Legislative Update: 04/17/2015

This week, as the Minnesota Legislature worked on finance bills, Governor Mark Dayton took the opportunity to comment on the House and Senate budget proposals. He criticized both plans for being too low in most regards....more

Recent Guidance on Charter School Participation in State Pension Plans

In Illinois, charter school teachers and certain administrators are eligible to participate in the Illinois Teachers’ Retirement System (TRS) and the Chicago Teachers’ Pension Fund (CTPF). Both of these pension systems are...more

Landmark Tax Credit Scholarship Program Upheld by Alabama Supreme Court

On March 2 in an 8-1 decision, the Alabama Supreme Court upheld the constitutionality of the Alabama Accountability Act of 2013 (the “Act”) in Magee et al. v. Boyd et al. The massive 222-page opinion affirmed in part, but...more

New IRS guidance for certain entities benefitting from tax-exempt bond financings

The IRS has released guidance in three areas of interest to entities that benefit from tax-exempt bond financings, particularly hospitals and educational institutions....more

Recent Favorable IRS Guidance for Tax-Exempt Bond Financed Facilities

The IRS has released guidance in three areas of interest to entities that benefit from tax-exempt bond financings, particularly hospitals and educational institutions. This guidance creates new rules related to management...more

The Economic Development Toolbox: "The Utility Player" - Tax Increment Financing

Tax increment financing (“TIF”) is a tool that is commonly used throughout the country to finance public infrastructure and other improvements. But while its use may appear to be fairly limited, TIF is actually extremely...more

Saving for college is also good for your estate plan

A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes...more

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