Legislation has been introduced in the United States House and Senate entitled the “No Tax Subsidies for Stadiums Act of 2023,” which would eliminate the tax exemption for bonds used to finance professional sports stadiums....more
The Financial Data Transparency Act of 2022 (the “Act”), which was included as part of the National Defense Authorization Act, was signed into law on December 23, 2022. The Act requires that various federal regulatory...more
On March 18, 2022, the IRS issued Revenue Procedure 2022-20, which permanently allows issuers of tax-exempt private activity bonds to hold TEFRA hearings via teleconference.
Pursuant to § 147(f) of the Internal Revenue...more
The IRS has issued final regulations governing the tax consequences of transitions from Interbank Offered Rates (IBORs) to other reference rates in debt instruments. The final regulations adopt many of the proposed...more
On November 15, 2021, the Infrastructure Investment and Jobs Act was signed into law and will provide over $1 trillion in funding for a wide array of infrastructure projects. The act also includes certain provisions affecting...more
On August 31, 2021, the IRS issued Revenue Procedure 2021-39, which allows issuers of tax-exempt private activity bonds to continue to hold TEFRA hearings via teleconference through March 31, 2022.
Pursuant to § 147(f) of...more
Two bills have recently been introduced in the U.S. Senate to help state and local bond issuers deal with the financial hardships caused by COVID-19. The Lifting Our Communities through Advance Liquidity for Infrastructure...more
The Federal Reserve Board has expanded the number and type of governmental entities eligible to utilize the Municipal Liquidity Facility (MLF) that was established to help state and local governments manage cash flow...more
House Bill 3967, titled the “Municipal Bond Market Support Act of 2019”, was introduced by Alabama Representative Terri Sewell and New York Representative Tom Reed with the purpose of increasing the amount of tax-exempt bonds...more
IRS Notice 2019-39 sets forth certain requirements for preserving the tax-exempt or tax-advantaged status of current refunding bonds that are issued to refinance bonds that were originally issued under targeted bond programs....more
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