News & Analysis as of

Tax-Exempt Bonds Internal Revenue Service

Mitchell, Williams, Selig, Gates & Woodyard,...

Tools for Investing Proceeds of Tax-Exempt Bonds

In a previous article, we introduced the fundamental concepts of the yield restriction and rebate rules set out in the Internal Revenue Code and Treasury Regulations and how tax-exempt bonds may be affected by high interest...more

Foster Garvey PC

Unlocking Clean Energy Investments: New Elective Payment Credits for State and Local Governments

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State and local governments undertaking clean energy projects may be eligible for cash payments equal to the renewable electricity production tax credit or energy investment tax credit that would have been available to a...more

Mitchell, Williams, Selig, Gates & Woodyard,...

High Interest Rates May Be Troubling for Issuers of Tax-Exempt Bonds

Over the past year and half, interest rates have increased significantly. For most investors, the increase in interest rates is welcome. But for issuers of tax-exempt bonds, or cities, states and other qualifying governmental...more

McNees Wallace & Nurick LLC

IRS Targets Port Arthur, Texas, Bond Issuance for Hedge Bond Violation – Is Your Bond Issue at Risk?

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

Smith Gambrell Russell

Bill Introduced in the House to Finance Utilities’ LSL Replacement Efforts

Smith Gambrell Russell on

In early March, Democrats Dan Kildee (D-MI) and Senator Michael Bennett (D-CO) reintroduced their “Financing Lead Out of Water (FLOW) Act,” which would amend the Federal Tax Code to allow public water systems to pay for...more

Locke Lord LLP

Is Arbitrage a Thing Again?

Locke Lord LLP on

What is arbitrage? Generally, arbitrage is the simultaneous buying and selling of securities in different markets to exploit the difference in pricing. Specific to the tax-exempt bond market, arbitrage arises when a...more

Foster Garvey PC

2023 Reminder to Issuers and Borrowers of LIBOR-Based Tax-Exempt Bonds: Now is the Time to Protect the Tax-Exempt Status of Bonds...

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As we welcome 2023, and the final six months of certain London Interbank Offering Rates (“LIBOR”), issuers and borrowers of LIBOR-based tax-exempt bonds should evaluate whether changes to their financing documents are...more

Venable LLP

IRS Ruling Provides Insights on Compensation Options for Managers of Tax-Exempt Bond-Financed Hotels, CCRCS and Similar Facilities

Venable LLP on

​​​​​​​Facilities owned by nonprofits and government entities are frequently financed with tax-exempt bonds and managed by for-profit management companies. To avoid tainting the tax-exempt status of the interest payable on...more

Orrick, Herrington & Sutcliffe LLP

Phishing for Your Bonds

The Internal Revenue Service (“IRS”) has an active program of auditing tax-exempt bonds, and conducts those audits in a manner intended to ensure confidential information is not improperly disclosed. As part of those efforts,...more

Ballard Spahr LLP

Tax-Exempt Bonds: Telephonic Public Hearings Now Permanent

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For public hearings held on or after March 18, 2022, new Revenue Procedure 2022-20, released by the Internal Revenue Service, allows issuers and approving governmental units to conduct telephonic public hearings for...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

Bracewell LLP

Certain CCUS Projects Now Eligible for Financing with Tax-Exempt Bonds

Bracewell LLP on

Tax-exempt bonds can now be added to the list of ways in which carbon capture, utilization and storage (“CCUS”) projects can be financed. Specifically, the Infrastructure Investment and Jobs Act (the “Act”) amends section...more

Partridge Snow & Hahn LLP

IRS Issues Final Regulations on Transition from IBORs to Other Reference Rates

The IRS has issued final regulations governing the tax consequences of transitions from Interbank Offered Rates (IBORs) to other reference rates in debt instruments. The final regulations adopt many of the proposed...more

Ballard Spahr LLP

IRS Clarifies Eligibility of Buildings Financed with Bonds Issued Pre-2021 for 4% LIHTC Minimum Rate

Ballard Spahr LLP on

Summary - The IRS released Revenue Ruling 2021-20 and Revenue Procedure 2021-43 to address uncertainty about whether the minimum 4% applicable percentage (4% minimum rate) under the federal income tax code applies to...more

Ballard Spahr LLP

Extension of COVID Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to March 31, 2022

Ballard Spahr LLP on

On August 31, 2021, the IRS released Revenue Procedure 2021-39, which extends until March 31, 2022, the period during which issuers will be permitted to conduct telephonic public hearings for tax-exempt bonds....more

Butler Snow LLP

Alternatives to Tax-Exempt Advance Refunding Bonds

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As described in “Tax-Exempt Advance Refunding Bonds: History and Legislative Updates” by Caitlyn Smith Burchfield, the Tax Cuts and Jobs Act of 2017 bans the issuance of tax-exempt advance refunding bonds after December 31,...more

Butler Snow LLP

Tax-Exempt Advance Refunding Bonds: History and Legislative Updates

Butler Snow LLP on

Prior to January 1, 2018, Section 149(d) of the Internal Revenue Code (26 U.S.C. § 149) and the accompanying Treasury Regulations allowed the issuance of tax-exempt advance refunding bonds. According to that section, a bond...more

Ballard Spahr LLP

COVID-19 Relief for Tax-Exempt Bonds: Telephonic Public Hearings Extended to September 30, 2021

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The IRS released Revenue Procedure 2020-21, which provided relief for issuers seeking to do a public hearing for their bonds amidst the COVID-19 pandemic, on May 4, 2020. Revenue Procedure 2020-21 permitted a public hearing...more

Cozen O'Connor

IRS’ LIBOR Fallback Guidance Provides Limited Reissuance Relief to Tax-Exempt Bond Issuers

Cozen O'Connor on

In 2017, the United Kingdom regulator overseeing the London Interbank Offered Rate (LIBOR), a benchmark for rates for short-term interbank loans, announced that all currency and term variants of LIBOR, including U.S. dollar...more

Foley & Lardner LLP

Last Chance to Amend and Restate 403(b) Retirement Plan Documents

Foley & Lardner LLP on

Tax-exempt and public-school employers who maintain 403(b) retirement plans for their employees must update their plan documents to comply with applicable legal qualification requirements (as opposed to individual design...more

Troutman Pepper

Checklist - Disclosures for Health Care Providers With Outstanding Tax-Exempt Bonds

Troutman Pepper on

If your organization is a hospital, nursing home, life plan community, ambulatory surgery facility, or behavioral health provider with publicly held tax-exempt bonds outstanding, it is essential that you consider enhancing...more

Locke Lord LLP

In Response to the COVID-19 Pandemic, the IRS Releases Temporary Guidance to State and Local Issuers of Tax-Exempt Bonds

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On May 4, 2020 the Internal Revenue Service (IRS) released Notice 2020-21 (Public Hearing Notice) and Notice 2020-25 (Reissuance Notice). These Notices provide limited, temporary relief to issuers of tax-exempt bonds in two...more

Cozen O'Connor

Regulatory Relief Granted to Issuers of Tax-Exempt Bonds in Response to the COVID-19 Pandemic

Cozen O'Connor on

TEMPORARY GUIDANCE REGARDING TEFRA HEARINGS - On May 4, 2020, effective immediately in response to the COVID-19 pandemic, the Treasury and the IRS issued Rev. Proc. 2020-21 that retroactively permits telephonic hearings...more

Holland & Knight LLP

IRS Expands Ability of Issuers to Purchase Their Own Tax-Exempt Bonds

Holland & Knight LLP on

The COVID-19 crisis has caused many disruptions in the municipal bond market. Over the course of the crisis, many issuers of tender bonds or tax-exempt commercial paper have been unable to remarket their tender bonds or...more

Ballard Spahr LLP

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

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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

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