Archives: Legislation

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While You Were Sleeping . . . . The Senate Passed Its Version of the Tax Cuts and Jobs Act

At about 2:00 a.m. EST on Saturday, December 2, 2017, the only people awake in Washington, D.C. were alcoholics, the unemployable, and angry loners.  Also awake were members of the United States Senate (but I repeat myself).  At that early hour, the Senate passed its version of the Tax Cuts and Jobs Act (the “Act”) by … Continue Reading

The Senate Gives the House the Byrd and Retains Tax-Exempt Qualified Private Activity Bonds, Tax Credit Bonds, and Tax-Exempt Stadium Financing Bonds. Tax-Exempt Advance Refunding Bonds, However? Not so Much.

We summarized last week the tax-exempt and tax-advantaged bond provisions of the Tax Cuts and Jobs Act (the “Act”), as introduced and referred to the House Ways and Means Committee.  As a reminder,  these provisions, which came as a shock to state and local governments, 501(c)(3) organizations, and others involved with public finance, would eliminate … Continue Reading

So it Begins: First Draft Tax Reform Bill Eliminates 501(c)(3) Bonds and All Other Private Activity Bonds, All Advance Refunding Bonds, All Tax Credit Bonds, and Governmental Bonds for Sports Venues

Notwithstanding repeated assurances from all corners that tax reform wouldn’t touch the exclusion from gross income of interest on tax-exempt bonds (here, here, and here), proposed legislation would touch it indeed, and quite profoundly. The opening statement in what is sure to be a long legislative discussion on tax reform came this morning, as the … Continue Reading

NABL Proposes “Enhanced Infrastructure Bonds” (or Build America Bonds 2.0)

The National Association of Bond Lawyers submitted eight legislative proposals to Treasury on August 22 with the stated purpose of improving the efficiency of tax-advantaged financing of much-needed public infrastructure projects (here is a link to the proposals).   The proposals would broaden the availability and simplify the existing forms of tax-exempt bonds as well as … Continue Reading

New Proposed Legislation: PABs for Social Infrastructure and a Ban on Stadium Bonds

The new Congressional session is heating up, and we’ll cover two new pieces of proposed legislation below. For the first time in several years, we can avoid giving the usual disclaimer that any new piece of legislation is “likely going nowhere.” Tax reform appears to be a real possibility for the first time in many … Continue Reading

Move America Bonds – Close Enough for Government Work

Senator Ron Wyden (D-Oregon) and Senator John Hoeven (R-North Dakota) have sponsored a bill to encourage private parties to help repair the nation’s infrastructure by encouraging the broader use of public-private partnerships, or P3s. The bill, called “The Move America Act of 2015,” proposes a new type of tax-exempt bond, the “Move America Bond.”  (Move America Bonds will … Continue Reading

Roddy Devlin and Greg Johnson on Public-Private Partnerships

Roddy Devlin and Greg Johnson, two of our experts on Public-Private Partnerships (which you may know as “P3s”), have an excellent overview in The Bond Buyer today ($) of how the federal, state, and local governments in the United States are warming up to the idea of using P3s for infrastructure projects. If you’re more of a … Continue Reading

Qualified Public Infrastructure Bonds – Fancy New Name; Familiar Old Rules

The new tax-advantaged bond programs in the 2009 Stimulus Act (P.L. 111-5) appeared out of nowhere (or, in the case of direct pay bonds, almost out of nowhere), and left many in the tax-exempt bond community swimming in new concepts for several months. Once everyone finally worked through the new questions (just what was a “permitted sinking fund … Continue Reading

The Bond Buyer Publishes Commentary by Squire Patton Boggs Attorneys on Qualified Public Infrastructure Bonds

The Bond Buyer recently published a commentary ($) prepared by Squire Patton Boggs’ lawyers Mike Cullers and Roddy Devlin,  on the proposal in the Obama Administration’s federal government budget for fiscal year 2016 to expand exempt facility bonds to include a new category – Qualified Public Infrastructure Bonds.  Please see this commentary for a primer on the applicable … Continue Reading

What do the election results mean for me? Let Squire Patton Boggs explain.

Our public policy team at Squire Patton Boggs is without parallel. But, as noted arbitrage expert and political pundit LeVar Burton would say, “you don’t have to take my word for it.” Instead, you can read our analysis of the recent congressional mid-term results and the new Republican majority in the Senate. This comprehensive analysis … Continue Reading
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