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Proposed Tax Reform Legislation Would Increase Financing Costs for Issuers of Tax-Exempt Bonds

The U.S. House of Representatives has passed its Tax Cuts and Jobs Act (the “House Bill”), and while much of the national media has focused on its impact on corporate and individual tax rates and deductions, the bill also...more

Congressional Tax Bills Threaten Tax-Exempt Bonds for Non-Profit Hospitals

As the Senate continues to work to modify the House version of a sweeping tax reform bill, non-profit hospitals face having to pay higher interest rates to borrow if certain types of tax-exempt bonds are eliminated. The...more

Transformational Brownfield Projects Eligible for Substantial Tax Incentives Under Recently Enacted Legislation

Brownfield redevelopment authorities and developers and owners of transformational brownfield redevelopment projects are eligible for substantial tax incentives under legislation signed by Governor Snyder on June 8,...more

IRS Issues New Rules for Management Contracts involving Tax-Exempt Financed Facilities

The Internal Revenue Service (IRS) issued Revenue Procedure 2017-13 (Rev. Proc. 2017-13) on Jan. 17, 2017. The procedure provides more flexible, modern rules for structuring management contracts involving tax-exempt financed...more

Michigan Governor Signs Law Excluding Library Taxes from Capture by Tax Increment Financing Entities

On Jan. 9, 2017, Michigan Governor Snyder signed into law a package of bills, all with immediate effect, that would exempt certain taxes levied for library purposes from being captured by tax increment financing authorities,...more

New Law Limits Ability of Local Governments and School Districts to Communicate Regarding Ballot Questions

On January 6, 2016, Governor Rick Snyder signed into law Public Act 269 of 2015 (“Act 269”), which amends the Michigan Campaign Finance Act, Act 388, Public Acts of Michigan, 1976, as amended (“Act 388”). Among other...more

SEC Municipalities Continuing Disclosure Cooperation Initiative: Should A Bond Issuer Self-Report?

Municipal securities issuers have the opportunity to self-report material misstatements in official statements regarding prior compliance with continuing disclosure undertakings under a new initiative introduced by the...more

How Michigan’s New Personal Property Tax Law Will Affect Municipalities

Recently enacted legislation provides clarity and relief to Michigan municipalities poised to suffer revenue loss as a result of personal property tax reform legislation enacted in 2012. On March 28 and April 1, 2014, the...more

4/16/2014  /  Property Tax , State Taxes , Tax Reform

Process and Form of Filing Annual Qualifying Statement Revised

Earlier this month, the Michigan Department of Treasury issued Bulletin 6 implementing revisions to the application form and method of filing for the annual Qualifying Statement. The Revised Municipal Finance Act, Public Act...more

5/23/2013  /  Annual Filings , Audits , Municipalities

Open Meetings Act Now Requires Additional Notice for Special Meetings

On December 27, 2012, Governor Snyder signed into law HB 5459, which amends the Michigan Open Meetings Act to add several new notice requirements for public bodies holding rescheduled or special meetings....more

Retirement Program Bonds: New Tool for Michigan Municipalities

In October 2012, Governor Snyder signed into law SB 1129, designed to provide Michigan local governments with the ability to issue bonds or other municipal securities to pay all or part of the costs of their unfunded pension...more

12/5/2012  /  Municipal Bonds , Pensions , Retirement
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