Effect Sequestration on Tax Credit Bond Payments
As part of the Federal budget sequestration, the Internal Revenue Service (“IRS”) has announced that, as of March 1, 2013, credit payments claimed on Form 8038-CP by issuers of certain tax credit bonds, including Build America Bonds, Recovery Zone Economic Development Bonds, Qualified School Construction Bonds, Qualified Zone Academy Bonds, New Clean Renewable Energy Bonds and Qualified Energy Conservation Bonds, may be subject to a reduction of 8.7%.
Also of Interest
- Revised IRS Form 8038-CP
The Internal Revenue Service released a revised version of Form 8038-CP (Return for Credit Payments to Issuers of Qualified Bonds) dated January 2020.
- Guidance from Treasury regarding USD LIBOR Phase-Out
The Hawkins Advisory discusses recently published Proposed Treasury Regulations that provide guidance as to the ability of parties to variable rate debt and other contracts that currently rely on LIBOR as an interest rate benchmark to alter the documents for these transactions for the purpose of incorporating interest rates reflective of other reference rates. The Advisory also reviews the status of other regulatory efforts to prepare the capital markets to transition from broad reliance upon LIBOR.
- Michela Daliana Honored as a 2019 Northeast Women in Public Finance Trailblazer
Michela Daliana was named a 2019 Trailblazer by the Northeast Women in Public Finance for her keen leadership and mentoring women across the industry.
- New Current Refunding Guidelines for Bonds Issued Pursuant to Special Authorizations
On May 22, 2019, the Internal Revenue Service released Notice 2019-39. The Notice provides guidance on the issuance of tax-exempt state and local bonds and tax-exempt Indian tribal government bonds in current refunding issues...