Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
Sometimes the first step to solving (or mitigating or avoiding) problems is to identify what the problem may be to, among other things, put time on one’s side. For issuers of tax-exempt municipal bonds, there tend to be...more
Ground lease structures have become a common feature of conduit financings in the municipal bond market. They provide tax advantages to projects and can be structured several different ways depending on the tax-exempt status...more
Commercial banks and other financial institutions (“lender” or “lenders”) have historically provided financing to both governmental entities and nonprofits on a tax-exempt basis through loans and direct purchases of municipal...more
Pullman & Comley’s Public Finance tax attorneys are pleased to bring you the latest development on the budget reconciliation front as it relates to municipal bonding. Last Thursday, September 9, 2021, the House Ways and Means...more
On December 22, 2017, President Donald Trump signed into law the most far-reaching tax reform legislation in a generation after Congress approved a short-term spending bill on Thursday, which will keep the government funded...more
On December 20, 2017, Congress passed the “Tax Cuts and Jobs Act” (the “Tax Act”) under its power to reconcile the 2018 federal budget. The President signed the Tax Act into law on December 22, 2017....more
The purpose of this pamphlet, part of our Public Finance Green Book Series, is to assist conduit issuers in identifying issues and setting up policies and procedures related to their tax-exempt bond programs and their...more
Please ask your Congressmen to join the bipartisan House Municipal Finance Caucus. Why? What is this caucus? This caucus provides support for the federal tax-exemption for municipal bonds by directly opposing the President’s...more
The Financial Institutions Regulatory Authority fined a UBS unit $750,000 for mistakenly reporting customers’ municipal-bond-account interest was tax-exempt, when the firm’s handling of the trades made it taxable instead....more
FINRA issued its late-July Regulatory Notice 15-27 warning brokerage firms that inadvertent short positions or fail-to-delivers in municipal securities trading can create situations where the member-firm pays a customer...more
Recent legislative discussions concerning tax reform have included the potential elimination of several federal provisions long considered sacred to state and local governments and untouchable by federal policymakers. Those...more
A number of municipal entities have been receiving a solicitation to purchase a post-issuance debt policy and procedure manual. The advertisement suggests that having such a policy is required by the Internal Revenue Service...more
Market commenters have suggested that billions of dollars in municipal bonds may be subject to par redemptions if the much-discussed “28% cap” on the value of certain federal income tax deductions or exclusions is enacted and...more