Final Issue Price Regulations
The issue price rules included in the Treasury Regulations published June 18, 1993 pertaining to the arbitrage investment restrictions and related provisions for tax-exempt bonds (the "1993 Regulations"), have come under serious reconsideration by the Treasury Department and the Internal Revenue Service in recent years as information regarding pricing history has become more readily available. Proposed issue price regulations were published on September 16, 2013. These regulations were subsequently withdrawn; re-proposed issue price regulations were published on June 24, 2015. As a result of the comments received, the issue price regulations proposed in 2015 were revised and published in the Federal Register on December 9, 2016 (the “Final Regulations”). The Final Regulations apply to bonds that are sold on or after June 7, 2017.
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...