Tax Reform Preserves PABs, Axes Advance Refundings

Bracewell LLP

Bracewell LLP

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 respective tax reform bills previously passed by the House and the Senate. 

With respect to matters affecting public finance, the agreement:

  • Retains tax-exempt private activity bonds;
  • Retains the tax-exempt financing of professional sports stadiums;
  • Retains mortgage credit certificates and the low-income housing tax credit;
  • Eliminates tax-exempt advance refundings after December 31, 2017; and
  • Eliminates qualified tax credit bonds issued after December 31, 2017.

The show is not quite over yet, though.  While the Conference Report represents the agreement of the Conference Committee, the negotiated tax reform bill will still need to be voted on by both the House and the Senate before the final bill is sent to the President.

Once a final tax reform bill is passed, we will provide more in-depth review of the provisions.  In the meantime, Bracewell will continue to closely monitor and communicate new developments relating to Congressional tax reform efforts.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bracewell LLP | Attorney Advertising

Written by:

Bracewell LLP

Bracewell LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.