The United States Department of the Treasury (Treasury) on June 3, 2024 published proposed regulations on Internal Revenue Code (IRC) Sections 45Y and 48E, which provide for clean energy production and investment tax credits...more
The Pennsylvania Office of Open Records issued an alert concerning anonymous Right to Know Law requests generated by an online service called FOIA Buddy after receiving reports from “numerous” agencies. On its website, FOIA...more
The U.S. Department of Transportation recently announced the availability of billions of dollars in grant funds for infrastructure and transportation projects, including over $700 million allocated to the Rural Surface...more
A bond issue (a debt obligation of a local government) is often perceived as a mystery for many Pennsylvania local government officials and solicitors. The securities and tax regulations governing municipal bonds have grown...more
1/17/2024
/ Bondholders ,
Bonds ,
Consumer Protection Act ,
Credit Enhancements ,
Disclosure Requirements ,
Dodd-Frank ,
Fiduciary Duty ,
Income Taxes ,
Interest Rate Swaps ,
MSRB ,
Municipal Bonds ,
Public Meetings ,
Reimbursements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Trustees
The Internal Revenue Service recently issued a notice of proposed adverse tax determination in what might be a harbinger of additional enforcement actions targeting alleged hedge bonds. The Port of Port Arthur Navigation...more
The Pennsylvania Broadband Development Authority (Authority) is currently accepting applications for the Broadband Infrastructure Program (Program), funded through the federal Capital Projects Fund, to distribute $200 million...more
Various entities, both public and private, are poised to benefit from a $171.5 million Pennsylvania state grant program which is funded through the Infrastructure Investment and Jobs Act (Public Law No: 117-58) which became...more
The Pennsylvania Commonwealth Court recently issued a long-awaited opinion in a prevailing wage appeal brought by Ursinus College, captioned at Ursinus College v. Prevailing Wage Appeals Board, No. 828 C.D. 2021 (Pa. Commw....more
The American Rescue Plan Act (“ARPA”) was enacted in March 2021 providing an unprecedented $1.9 trillion in direct relief to combat the effects Covid-19, whether it be negative economic impacts, public health implications,...more
A bill recently signed into law by Governor Tom Wolf in the General Assembly will impose new requirements on Pennsylvania municipalities for holding governmental meetings. Senate Bill 554, now Act 65 of 2021, amends the...more
With the onslaught of negative economic news related to the ongoing coronavirus crisis, many municipalities are scrambling to determine the impact of the pandemic on, among other things, their finances. Many may be staring...more
COVID-19 has rightfully dominated the news over the last several weeks, leaving municipalities, nonprofit organizations and businesses scrambling to determine the impact of this pandemic on, among other things, their...more
The National Association of Bond Lawyers (“NABL”) recently sent a letter to Congress, outlining some measures it recommends Congress adopt to combat the economic downturn related to the Coronavirus COVID-19 Pandemic. The...more
The bills that have been introduced in the 2019-2020 legislative session primarily consist of two packages – one in the House and one in the Senate. The package of reform proposals in the House can be found at House Bills...more
An MSRB infographic announcing the plans states that the enhancements include “creating a more user-friendly and streamlined document submission experience,” “developing a seamless navigation to tools and resources on EMMA,”...more
The Internal Revenue Service celebrated New Year’s Eve this year by issuing two rule-making notices of interest to the tax-exempt bond community, on the topics of public approval of private activity bonds and reissuance....more
On August 20, 2018, the U.S. Securities and Exchange Commission (SEC) approved amendments to Rule 15c2-12 of the Securities Exchange Act to add two additional disclosure events to written continuing disclosure undertakings...more
On February 12, 2018 the Trump Administration released its long-awaited Infrastructure Plan. The Plan calls for $1.5 Trillion in new infrastructure investment over the next ten years – although only $200 Billion of that will...more
2018 will be a year of monumental tax law changes following the recent approval by the House and Senate of the Tax Cuts and Jobs Act. President Donald Trump is expected to sign the bill into law in the coming days. While the...more
On November 2, 2017 Representative Kevin Brady, chair of the House Ways and Means Committee, introduced the Tax Cuts and Jobs Act, House Republicans’ long-awaited comprehensive tax reform plan. Among many things, the Act if...more
The Republican majorities in the U.S. House and Senate have introduced comprehensive tax reform plans, and each plan contains provisions of interest to municipalities and other public entities that issue tax-exempt bonds. In...more
Pennsylvania State Senators John Blake, John DiSanto, and Mike Folmer recently introduced a trio of new municipal debt reform bills that follow on the package of reform bills introduced in the Senate in March. The new bills –...more
A pair of bills has been introduced in the PA House of Representatives and State Senate that would deny state grants and other benefits to “sanctuary jurisdiction” municipalities, colleges and universities....more
The Securities and Exchange Commission (SEC) recently announced enforcement actions against 71 municipal issuers of bonds in connection with the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. The...more
9/1/2016
/ Cease and Desist ,
Civil Monetary Penalty ,
Enforcement Actions ,
Material Misstatements ,
MCDC ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipalities ,
Public Sector ,
Rule 15c2-12 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Settlement Agreements ,
Underwriting
The Internal Revenue Service, in Revenue Procedure 2016-44, has loosened the restrictions on safe harbors for management contracts entered into by governmental issuers of tax-exempt bonds in connection with facilities...more