Increased Costs of Municipal Financing

Unintended Consequences of the Tax Cuts and Jobs Act

As you know, both corporate and individual tax rates were reduced in last year’s Tax Cuts and Jobs Act. Lower tax rates make tax-exempt vehicles like municipal bonds less attractive to both corporate and individual investors; with lower tax rates, they have less incentive to look for tax-exempt investments. Reduced demand for municipal bonds and other tax-exempt investment vehicles like private activity bonds (PABs) means that cities will have to increase the interest rates on new bond issues in order to attract investors.

Update on Municipal Bonds

HQLA; Tax Exempt Munis May Still Be At Risk

  • 23 March 2018
  • Author: Aindriu Colgan
  • Number of views: 418
  • 0 Comments
With the omnibus having been passed by Congress, substantive legislative work will wind down until after the elections in November. There are, however, a few outstanding tax/financial issues to note.

Online Sales Tax Update

Congress Remains Stalled

  • 22 March 2018
  • Author: Aindriu Colgan
  • Number of views: 361
  • 0 Comments
Despite a strong last minute effort, Rep. Kristi Noem (R-SD) did not succeed in getting her Remote Transactions Parity Act (RTP) into the omnibus package passed today by the House and expected to be passed by the Senate by Friday.

Tax Extenders Face Scrutiny at Ways and Means Hearing

  • 15 March 2018
  • Author: Aindriu Colgan
  • Number of views: 386
  • 0 Comments
Yesterday, the House Ways and Means Subcommittee on Tax Policy held a seven-hour, 4 panel hearing on the fate of tax extenders—temporary tax extenders like those for biofuels or short-line railroads. While they were just extended retroactively for 2017, they have again expired and currently are not available for 2018.

IRS Issues Additional Partnership Audit Guidance

  • 5 February 2018
  • Author: Aindriu Colgan
  • Number of views: 365
  • 0 Comments

As part of their ongoing implementation of the partnership audit system created by 2015's Balanced Budget Act, the IRS has again released guidance on how partnerships can pay adjustments after an audit.


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Alex Yiannoutsos

Bloomberg: Capitol to Begin Phased Reopening March 28 After Covid Closing

Bloomberg Government reports that the U.S. Capitol complex plans to reopen for the first time since its closure in March 2020 due to the COVID-19 pandemic. It will begin reopening to small groups of in-person visitors by March, 28th and to the public by Labor Day.

According to Bloomberg: "The reopening plan will ultimately consist of three phases, with a limited opening of the Capitol Visitor Center by May 30 to take place before a potential full opening on Labor Day.

Some business visitors are already allowed in the Capitol, but as of March 28, the cap will be raised to 15 people in one group. Currently the limit is nine people, according to sources. Staff-led tours will be able to start again, although also limited to 15 people at a time.

Students will also be allowed into the Capitol on a limited basis. Eight groups of up to 50 students will be allowed in Monday through Friday from 10 a.m. to 2 p.m."  

Read the full article here.

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