News & Analysis as of

Public Finance Tax-Exempt Bonds

Orrick, Herrington & Sutcliffe LLP

Tax-Exempt Bond Financing for Middle-Income Housing

As housing costs have risen in the first part of the 21st century, American households have struggled to compete for high-quality housing near areas of employment in major cities, suburbs, exurbs and rural areas (especially...more

Orrick, Herrington & Sutcliffe LLP

Post-Issuance Tax Compliance and Continuing Disclosure Responsibilities for Issuers and Borrowers of Tax-Exempt Bonds (Second...

The tax-exempt bond market is perennially under heightened scrutiny by various regulators, including the Internal Revenue Service (the "IRS"), the United States Securities and Exchange Commission (the "SEC") and the Municipal...more

Orrick, Herrington & Sutcliffe LLP

Tax-Exempt Lending to Governments and Nonprofits; Bank Loans and Direct Purchases of Municipal Securities

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

McGuireWoods LLP

COVID-19: Temporary Relief From In-Person Public Hearing Requirement for Private Activity Bonds

McGuireWoods LLP on

To accommodate COVID-19-related social distancing requirements, the IRS on May 4, 2020, released Revenue Procedure 2020-21, which provides temporary relief from the in-person public hearing requirement for tax-exempt...more

Ballard Spahr LLP

Bond Relief Amid COVID-19 Restrictions: Telephonic Public Hearings and Enhanced Issuer Ability to Purchase Bonds

Ballard Spahr LLP on

The IRS provided much-awaited relief for issuers seeking to do a public hearing for their bonds amidst the current pandemic situation. The IRS guidance, Revenue Procedure 2020-21, permits a public hearing to be held by...more

Bracewell LLP

IRS Extends Due Date for First Quarter Form 8038 Filings

Bracewell LLP on

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

Orrick, Herrington & Sutcliffe LLP

Federal Tax Law Considerations for Financings COVID 19 Costs on a Tax Exempt Basis: What Issuers Need to Know

States, municipalities and 501(c)(3) organizations (Issuers) likely will have to incur significant expenses in their fight against COVID-19. Even if Issuers have reserves available for these costs, there are a few different...more

Cozen O'Connor

Invested Sinking Funds Revisited: A Cautionary Reminder for Issuers and Borrowers

Cozen O'Connor on

In 1978, responding to attempts by issuers and borrowers to set aside funds for investment above the yield on outstanding tax-exempt bonds, the IRS published regulations seeking to shut down the practice of establishing...more

Ballard Spahr LLP

Tax-Exempt Bond Community Considers New Bond Regulations

Ballard Spahr LLP on

In a very busy end of the year, the IRS provided two new bond regulations: The final public approval (TEFRA) regulations and proposed reissuance regulations....more

Mintz - Public Finance Viewpoints

IRS Releases Proposed Regulations Consolidating Guidance on Reissuance of Tax-Exempt Bonds

On December 31, 2018, the Department of Treasury and Internal Revenue Service released long-awaited proposed regulations (the “Proposed Regulations”) that address when modifications to the terms of tax-exempt bonds are...more

Orrick, Herrington & Sutcliffe LLP

Public Charter Schools: Borrowing With Tax-Exempt Bonds (Third Edition)

The main purpose of this booklet is to provide public charter schools and their stakeholders relevant information about the benefits of tax-exempt financing. ...more

McNees Wallace & Nurick LLC

Happy New Year! IRS Celebrates with Two Regulatory Notices for the Tax-Exempt Bond Community

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

Orrick, Herrington & Sutcliffe LLP

Bottled Booze in the Boarding Area IRS Ruling Permits Use of Floating Equity in Airport Exempt Facility Private Activity Bond...

In a recently released private letter ruling (Private Letter Ruling 201847001, or the “Ruling”), the IRS approved the use of a “floating equity” allocation method for exempt facility bonds issued to finance renovations to an...more

Butler Snow LLP

The Corporate Tax Rate Reduction and Reissuance Concerns

Butler Snow LLP on

We have already blogged about many of the direct impacts that the Tax Cuts & Jobs Act has had on the municipal bond market, such as the elimination of advance refundings for governmental bonds and the elimination of qualified...more

Sherman & Howard L.L.C.

New IRS Revenue Procedure Expands the Range of Remedial Measures for Nonqualified Uses

On April 11, 2018, the Internal Revenue Service published Revenue Procedure 2018-26 ("Rev. Proc. 2018-26") which sets forth new remedial measures that issuers may utilize to preserve the tax-exempt or tax-advantaged status of...more

Bracewell LLP

The Tax Reform Roller Coaster Ends – Summary of Provisions Affecting Public Finance

Bracewell LLP on

On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the “Final Bill”) into law, bringing an end to the nearly two-month rollercoaster ride that had the public finance industry white-knuckled and a little...more

Ballard Spahr LLP

UPDATE: President Trump Signs Tax Reform Legislation Into Law Early

Ballard Spahr LLP on

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

Butler Snow LLP

Tax Cuts & Jobs Act – Impact on Bonds

Butler Snow LLP on

The U.S. House and Senate have now each passed the Tax Cuts and Jobs Act (H.R.1) and have sent the bill to President Trump’s desk for final passage. The final bill is expected to cost nearly $1.5 trillion over the next ten...more

Ballard Spahr LLP

GOP Tax Overhaul Saves Private Activity Bonds and Stadium Bonds, Eliminates Advance Refundings and Tax Credit Bonds

Ballard Spahr LLP on

Participants in the municipal bond market are breathing easier after Congress passed sweeping changes to the American tax code without provisions under an earlier House bill that would have eliminated approximately 25% of the...more

Bricker Graydon LLP

Tax reform update: H.R. 1 proposes significant limits on municipal bonds

Bricker Graydon LLP on

UPDATE: In the early morning hours of Saturday, December 2, 2017, the United States Senate, by a vote of 51-49, approved its version of H.R. 1, the Tax Cuts and Jobs Act of 2017, commonly referred to as the Senate’s tax bill....more

Sherman & Howard L.L.C.

Federal Subsidies on Direct-pay Taxable Bonds Could Be Reduced to $0 if Pending Tax Bills are Passed by Year End

Sherman & Howard L.L.C. on

As introduced, the House and Senate tax bills are projected to increase deficits and could trigger the Statutory Pay-As-You-Go Act of 2010 (the “PAYGO law”). Without any other legislation to offset the increase, required...more

Miller Canfield

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

Miller Canfield on

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

Ballard Spahr LLP

Federal Tax Reform: Senate Proposal Repeals Advance Refundings but Keeps Private Activity Bonds

Ballard Spahr LLP on

The Senate Finance Committee unveiled a section-by-section description of its tax reform package on November 9, 2017, including municipal bond provisions that reject efforts by the House Ways and Means Committee to terminate...more

Nossaman LLP

Proposed House Ways and Means Committee Tax Bill Would Eliminate All PABs

Nossaman LLP on

Last week the House Republican leadership unveiled its much anticipated US tax reform bill. The bill proposes the most sweeping changes to the tax code in 30 years—since the 1986 Tax Act, which by the way imposed many of the...more

Sherman & Howard L.L.C.

Public Finance Advisory: Senate Tax Plan Diverges From House Version

Sherman & Howard L.L.C. on

On November 9, 2017, the U.S. Senate’s Joint Committee on Taxation released its Chairman’s mark of the “Tax Cut and Jobs Act,” a version of which was unveiled by the House of Representatives on November 2....more

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