News & Analysis as of

Tax-Exempt Bonds Bonds

Senate Tax Bill Maintains Private Activity Bonds While Terminating Advanced Refundings

by Miles & Stockbridge P.C. on

Introduced on November 9, 2017, the Senate Tax Bill would maintain private activity bonds (“PABs”). With this positive development, advocates will press Senate committee members to reverse their decision to terminate advanced...more

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

by 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

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

by 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

UPDATE: House and Senate Tax Reform Bills Agree on Ending Municipal Bond Advance Refundings

by Clark Hill PLC on

On November 9, 2017, the House Ways and Means Committee approved H.R. 1 -- the Tax Cuts and Jobs Act -- which now is teed up for approval by the full House of Representatives. A few hours later, Senate Finance Committee...more

Summary of the Impact of the Proposed Tax Cuts and Jobs Act on State and Local Bonds

by Locke Lord LLP on

On November 2, 2017, the Tax Cuts and Jobs Act (the “Bill”) was introduced in the United States House of Representatives and is currently before the House Ways and Means Committee. The Bill proposes both direct and indirect...more

House Tax Reform Bill Contains Provisions Adversely Impacting Public Finance

by Holland & Knight LLP on

• The Tax Cuts and Jobs Act introduced in the U.S. House of Representatives on Nov. 2, 2017 – now in markup by the House Ways and Means Committee – has a number of provisions that would likely have a negative impact on the...more

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

by Bracewell LLP on

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

Potential Elimination of Future Private Activity Bonds (including Qualified 501(c)3 Bonds), Advance Refundings, Tax Credit Bonds,...

by Miles & Stockbridge P.C. on

On November 2, 2017, the House Committee on Ways and Means released a draft of its Tax Cuts and Jobs Act (the “Tax Bill”). The Tax Bill proposes to eliminate the federal tax exemption of interest income from all private...more

Tax Reform and Tax-Exempt Bonds: Risks Presented by the Tax Cuts and Jobs Act

by Foley & Lardner LLP on

On November 2, 2017, the “Tax Cuts and Jobs Act” was introduced in the House of Representatives. This act has immediate and far-reaching implications for tax-exempt finance. Among other things, the Tax Cuts and Jobs Act...more

Federal Tax Reform: House Bill Rewrites Municipal Bond Rules

by Ballard Spahr LLP on

The proposed Tax Cuts and Jobs Act released last week would eliminate the federal tax exemption for interest earned on all private activity bonds—including 501(c)(3) bonds and exempt facility bonds—and advance refunding bonds...more

Summary of State and Local Government Bond Provisions in the Tax Cuts and Jobs Act

On November 2, 2017, the Republican leadership of the United States House of Representatives introduced the Tax Cuts and Jobs Act (the “Bill”). The Bill would make significant changes to tax rules that apply to tax-exempt...more

Tax Bill Impacts - Immediate, Critical Impacts on State and Local Governments

by Best Best & Krieger LLP on

The U.S. House of Representatives Republican tax bill released yesterday would impact state and local government issuers of tax-exempt bonds in a few significant ways. ...more

IRS Releases New Public Approval Proposed Regulations

On September 28, 2017, the Internal Revenue Service (IRS) withdrew previous proposed regulations and released new proposed regulations (the “Proposed Regulations”) relating to public approval requirements for tax exempt...more

IRS Focuses on Tax Exempt Financings Involving Developers

For a number of years, the IRS Office of Tax-Exempt Bonds ("TEB") has expressed concerns about potential tax abuses that may exist in what it has characterized as "developer-driven deals" involving the use of tax-exempt...more

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

by Bracewell LLP on

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

The Effective Date of the New Issue Price Regulations is Near

by Locke Lord LLP on

On December 9, 2016, the United States Treasury Department published regulations (the “Issue Price Regulations”) setting forth new rules for the determination of the issue price of a tax-exempt bond issue. The Issue Price...more

Outline for Discussion of New Issue Price Rules

New tax rules relating to establishing the issue price of publicly offered tax-exempt bonds become effective soon. This outline describes the new issue price rules, provides a high-level strategic analysis to help guide a...more

Availability of Tribal Economic Development Bond Allocations

by Holland & Knight LLP on

Based on a recent Internal Revenue Service (IRS) announcement, the Published Value Cap Limit for Tribal Economic Development Bonds (TEDBs) is steadily shrinking...more

Port Authority of New York and New Jersey to Settle SEC Disclosure Law Violations - Agrees to Admit Wrongdoing and Pay Penalty for...

by Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) announced on Jan. 10, 2017, that the Port Authority of New York and New Jersey (Port Authority) agreed to admit wrongdoing and pay a $400,000 penalty in connection with...more

IRS Publishes Final Issue Price Rules for Tax-Exempt Municipal Bond Offerings

by Clark Hill PLC on

The Internal Revenue Service ("IRS") has approved final issue price regulations under Section 148 of the Internal Revenue Code, effective for bond offerings sold on or after June 7, 2017. The new definition of issue price...more

IRS Releases New Issue Price Rules

by Cozen O'Connor on

On December 9, 2016, the Internal Revenue Service (the IRS) released new regulations under Section 148 of the Internal Revenue Code of 1986, as amended, (referred to herein as the code) regarding the determination of the...more

Final Treasury Regulations Defining Issue Price

For a variety of reasons related to arbitrage, it often is important to identify the "issue price" of tax-exempt bonds with precision and certainty. Existing Treasury Regulations generally allow the "issue price" of publicly...more

Final Issue Price Regulations Significantly Change Current Rules

by Bracewell LLP on

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

California Health Care District Financing Techniques

Across the nation, the delivery of health care services is undergoing a period of transformation. Much of this change is being driven by The Affordable Care Act signed into law in 2010. Many hospital facilities in...more

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

by Bracewell LLP on

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

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