The IRS has released a Private Letter Ruling that approves a simplified method of calculating the remaining economic life of property financed with exempt facility bonds. Section 142 of the Internal Revenue Code (the “Code”)...more
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Under a new Internal Revenue Service private letter ruling, issuers of tax-exempt bonds and conduit borrowers now have a greater degree of flexibility to use “qualified equity” for “prohibited uses” without endangering the...more
On April 11, 2018, the IRS released Revenue Procedure 2018-26 (“Rev. Proc. 2018-26”), which provides an expansion of the remedial actions available to issuers of tax-advantaged bonds. Specifically Rev. Proc. 2018-26 provides:...more
Many recent press reports have warned of the negative affect tax reform could have on charter schools around the country. These reports focus on the proposed elimination of private activity bonds (“PABs”) under the House tax...more
Across the nation, the delivery of health care services is undergoing a period of transformation. Much of this change is being driven by The Affordable Care Act signed into law in 2010. Many hospital facilities in...more
The social impact bond or pay for success program (“PFS program”) is an alternative private financing model used to test social impact programs before governments step up to finance such programs. In these programs the...more
The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more
There is little poetry in tobacco bonds these days. Cigarette consumption has declined beyond projections, and the advent of e-cigarettes may exacerbate the decline. Payments under the Master Settlement Agreement (MSA) are...more
Two recent SEC enforcement actions demonstrate that the Securities and Exchange Commission remains intently focused on the municipal market and, in particular, on officials participating in financings that fail to accurately...more
The Obama administration's proposed 2016 budget, released on February 2, 2015, reflects the administration's commitment to finding ways to finance the country’s growing infrastructure requirements. The 2016 budget includes...more
Gov. Jerry Brown’s vision for “Enhanced Infrastructure Financing Districts” was approved by the Legislature and is awaiting Brown’s signature. SB 628 (Beall, D-Campbell), a gut-and-amend bill passed in the last week of the...more
Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - A report on the volume of private activity bond issuances in the United States generally and in...more
With Independence Day right around the corner and with several bond financings benefitting homeless veterans recently in the news (see Proposition 41 Bond Measure and Apartments for Homeless Veterans), it seemed fitting to...more