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FY 2021 Sequestration Reduction Rate for Direct Pay Tax Credit Bonds Set at 5.7%

According to the IRS website, the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2021 will be 5.7 percent. This percentage will apply to all subsidy payments...more

IRS Relief for Governmental Issuers Seeking to Temporarily Buy Back VRDOs and Commercial Paper

Responding to volatility in the market and liquidity constraints caused by the COVID-19 pandemic, in Notice 2020-25 (the “Notice”), the IRS provides temporary relief for governmental issuers seeking to purchase their own...more

IRS Allows Telephonic TEFRA Hearings in Light of COVID-19

As a result of the prohibitions on public gatherings resulting from the COVID-19 pandemic, issuers of tax-exempt private activity bonds have been facing difficulty complying with the federal tax laws requiring that a public...more

IRS Relaxes UBTI "Siloing" Rules for Most Exempt Organizations

On April 23, 2020, the IRS and the Treasury Department released Proposed Regulations that provide guidance for how tax-exempt organizations (“EOs”) conducting multiple unrelated trades or businesses can calculate their...more

IRS Extends Due Date for First Quarter Form 8038 Filings

As a result of the COVID-19 pandemic, in Notice 2020-23 the IRS extended the due date for issuers of tax-exempt obligations to file Forms 8038 or 8038-G for transactions that closed during the first quarter of 2020. ...more

New Law Repeals Parking Tax for Tax-Exempt Organizations

Good news for tax-exempt organizations! The “Further Consolidated Appropriations Act, 2020” (H.R. 1865 — 116th Congress (2019-2020)) (the “Act”) signed into law on December 20, 2019, retroactively repealed Section 512(a)(7)...more

SLGS Window Reopening; Sequestration Extended Through FY 2029

The Bipartisan Budget Act of 2019 (the “Act”), which suspends the federal debt limit through July 31, 2021, was signed into law on August 2, 2019. As a result, the U.S. Department of the Treasury has announced that it will...more

FY 2020 Sequestration Reduction Rate Set at 5.9%

According to the IRS website, the sequester reduction rate applied to payments made to issuers of direct pay tax credit bonds in fiscal year 2020 will be 5.9 percent. This percentage will apply to all subsidy payments...more

Hospital Loses its Section 501(c)(3) Status Due to Noncompliance with Section 501(r)

The IRS recently issued a Private Letter Ruling (the “PLR”) revoking a hospital organization’s section 501(c)(3) status for failing to comply with the section 501(r) requirements. In what may be a sign of things to come, the...more

After the Dust Settles: Recapping Certain Tax Reform Provisions Affecting Exempt Organizations

As is well known, on December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “Final Bill”) into law. During the course of this massive legislative effort, various provisions affecting tax-exempt organizations...more

Tax Reform Preserves PABs, Axes Advance Refundings

On December 15, 2017, the conference committee on tax reform (the “Conference Committee”) released its Conference Report (the “Conference Report”) describing the agreements forged to reconcile differences between the...more

SLGS Window Closing; Tax Reform Continues to Threaten Public Finance

On December 6, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, Friday,...more

Tax Reform Could Indirectly Eliminate Direct Pay Subsidy For Outstanding Tax Credit Bonds

An article released by The Bond Buyer on November 14, 2017, reports that, if Congress were to pass the proposed legislation released by the Committee on Ways and Means of the U.S. House of Representatives on November 2, 2017...more

Senate Finance Committee Mark Eliminates Advance Refundings, Silent on Private Activity Bonds

On November 9, 2017, the U.S. Senate Finance Committee released the Description of the Chairman’s Mark of the “Tax Cuts and Jobs Act” (the “Senate Finance Committee Mark”), which sets forth a summary of the proposed tax...more

Proposed Tax Reform Puts Key Public Finance Tools On the Chopping Block

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its highly anticipated proposed tax reform legislation (the “Proposed Legislation”). The Proposed Legislation deals a severe...more

Proposed Treasury Regulations Bring the Public Notice Requirements into the 21st Century

Recently released proposed regulations (the “Proposed Regulations”) relating to the public notice and approval requirements for private activity bonds (the “Public Approval Requirement”) – sometimes referred to as the TEFRA...more

FY 2018 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.6 Percent

According to an update released by The IRS Office of Tax Exempt Bonds, the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in fiscal year 2018 will be 6.6 percent. This percentage...more

Public Finance Update – SLGS Window Closing

On March 8, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, March 15,...more

Final Issue Price Regulations Significantly Change Current Rules

On December 9, 2016, the IRS released final Treasury Regulations (the “Final Regulations”) relating to the “issue price” of tax-exempt bonds for purposes of arbitrage investment restrictions. Although, on balance, an...more

Management Contracts & Private Business Use–IRS Releases Favorable Guidance

Coming as welcome news to those involved in the municipal bond market, Revenue Procedure 2016-44 provides helpful guidance for governmental issuers and 501(c)(3) borrowers entering into long-term contracts with private...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

IRS Issues Final Regulations Regarding Allocation of Bond Proceeds to Mixed-Use Projects; SLGS Window Reopens

On October 26, 2015, the IRS released final regulations (the “Final Regulations”) regarding allocation and accounting rules for purposes of the private activity bond restrictions applicable to tax-exempt bonds issued by state...more

FY 2016 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.8 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 2016 will be 6.8 percent. This percentage will...more

IRS Releases New Proposed Issue Price Regulations

On June 23, 2015, the IRS released new proposed Treasury Regulations (the “2015 Proposed Regulations”) concerning the definition of “issue price” for purposes of arbitrage investment restrictions on tax-exempt bonds. The...more

State/Local Bond Proposals in Administration's 2016 Budget

Several proposals affecting tax-exempt bonds were included in the Obama Administration's Budget for FY 2016. As usual, the overall budget proposal has immediately been declared DOA by political pundits. Nonetheless, taking...more

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