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IRS Issues Guidance on Clean Energy Tax Credits

Summary - The IRS recently released guidance with respect to the new tax credit direct payment and transferability rules created under the Inflation Reduction Act enacted last August. The guidance explains how to register...more

Increased Interest Rates May Require Special Districts to Rebate Earnings on, or Change Investments of, Tax-Exempt Bond Proceeds

Since March 2022, the Federal Reserve has gradually raised interest rates in its ongoing fight against inflation and has indicated plans to continue increasing rates through 2023. Due to this rising interest rate environment,...more

Tax-Exempt Bonds: Telephonic Public Hearings Now Permanent

For public hearings held on or after March 18, 2022, new Revenue Procedure 2022-20, released by the Internal Revenue Service, allows issuers and approving governmental units to conduct telephonic public hearings for...more

Expansion of Qualified Private Activity Bond Categories Under the Infrastructure Investment and Jobs Act

On November 15, President Biden signed the Infrastructure Investment and Jobs Act (PL 117-58) into law. This Act introduces more than $550 billion in new infrastructure spending in addition to reauthorizations of existing...more

Extension of COVID Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to March 31, 2022

On August 31, 2021, the IRS released Revenue Procedure 2021-39, which extends until March 31, 2022, the period during which issuers will be permitted to conduct telephonic public hearings for tax-exempt bonds....more

Pennsylvania 'Advanced Recycling' Bill Seeks to Keep Single-Use Plastics Out of Landfills

Summary - The Pennsylvania legislature is close to enacting House Bill 1808. Already approved by the Pennsylvania House, the measure could benefit an emerging industry known as Advanced Recycling that diverts single-use...more

COVID-19 Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to September 30, 2021

The IRS released Revenue Procedure 2020-21, which provided relief for issuers seeking to do a public hearing for their bonds amidst the COVID-19 pandemic, on May 4, 2020. Revenue Procedure 2020-21 permitted a public hearing...more

IRS Releases Guidance on the Transition From LIBOR

The IRS recently released helpful guidance in Revenue Procedure 2020-44 to assist the market’s transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative reference...more

Bond Relief Amid COVID-19 Restrictions: Telephonic Public Hearings and Enhanced Issuer Ability to Purchase Bonds

The IRS provided much-awaited relief for issuers seeking to do a public hearing for their bonds amidst the current pandemic situation. The IRS guidance, Revenue Procedure 2020-21, permits a public hearing to be held by...more

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