Even When it Comes to the Mundane Forms 8038, the One Constant is Change

By Cynthia Mog on January 28, 2022 Posted in Uncategorized

To all of our readers, Belated Happy New Year! We will ring in 2022 with some belated news. Back in November of 2021, the IRS once again issued a memorandum that extends the ability to use an electronic or digital signature on Form 8038 (Tax-Exempt Private Activity Bond Issues), Form 8038-G (Tax-Exempt Governmental Obligations) and Form 8038-GC (Small Tax-Exempt Governmental Obligations). This current extension will remain in effect until October 31, 2023. (I have no idea why Halloween (of 2023) was selected as the deadline, but it should be easy to remember!). In additional good news, when announcing this most recent extension on its website, the IRS stated that it is considering further extensions, but needs to balance the convenience of electronic signatures against the possibility of identity theft and fraud. This enquiring mind is curious as to who is filing fraudulent Forms 8038, and what benefit are they getting by doing so? Continue Reading

Telephonic TEFRA hearings are now available through March 31, 2022

By Squire Patton Boggs on September 1, 2021 Posted in Breaking News, Exempt Facility Bonds, Qualified 501(c)(3) Bonds, TEFRA

On November 4, 2020, we all thought that the COVID-19 pandemic was going to be long over by now. We certainly did not think we were going to get so far down the Greek alphabet of variants of this virus. And, this author certainly did not think that she was going to have to keep looking up what the next letter of the Greek alphabet is. Now we are at mu, and there does not seem to be an end in sight.

It seems like when the IRS issued Revenue Procedure 2020-49, it thought that the COVID-19 pandemic was going to be over by now too. As a reminder, on November 4, 2020, the IRS issued Revenue Procedure 2020-49, which allowed telephonic TEFRA hearings to continue through September 30, 2021. Specifically, during this period, a governmental unit can meet the TEFRA requirement that the public hearing be held in a convenient location for affected residents by affording the general public access to the hearing by toll-free telephone call.[1]

A “Good” Tax-Advantaged Bond Bill Tells Issuers Whether They Can Refund – A Case Study

By Squire Patton Boggs on August 6, 2021 Posted in Exempt Facility Bonds, Legislation, Refundings, Tax Reform

This is the second in a series of posts about neutral principles that make for “good” tax-advantaged bond legislation.

We pick up our series as the Senate prepares for a final vote on a bipartisan infrastructure bill in the coming days. In the last post, we stated the general rule that a good piece of tax-advantaged bond legislation tells issuers how and when they can refund bonds issued under any new bond program. Here’s an example in current law to illustrate the point.

A “Good” Tax-Advantaged Bond Bill Tells Issuers Whether They Can Refund

By Squire Patton Boggs on July 1, 2021 Posted in Legislation, Refundings

This is the first in a series of posts about neutral principles that make for “good” tax-advantaged bond legislation.

A good muni bond tax bill deals with refundings. For new programs, it provides the terms and conditions under which the new bonds may be refunded.

What makes a “good” muni bond tax bill?

By Squire Patton Boggs on June 24, 2021 Posted in Breaking News, Legislation, P3s, Shameless Self-Promotion

Do you feel it? Good vibes for tax-advantaged bond legislation permeate the air around us. White smoke emerged from the White House on June 24, signifying that the President and key Senate leaders had reached a deal on an infrastructure bill. The deal includes “public private partnerships, private activity bonds, direct pay bonds and asset recycling for infrastructure investment.” Hey, that’s us![1]

It feels downright 2009ish. The prospect of new bond legislation has us thinking: Is there a right or wrong way to write a tax-advantaged bond bill?

RECORDING NOW AVAILABLE: “Biden Unveils Script for The American Jobs Plan and a Leading Role Goes to Infrastructure – What Does It Mean to the Transportation Industry?”

By Squire Patton Boggs on May 12, 2021 Posted in Blog Announcements, P3s, Shameless Self-Promotion

Was your schedule incredibly busy on April 8^th? Was your schedule so busy that you missed the Squire Patton Boggs webinar on what President Biden’s American Jobs Plan and what it means for the transportation industry? If it was, and you’re disappointed that you missed former Secretary of Transportation Rodney E. Slater, former Republican Congressman and former Chairman of the House Transportation and Infrastructure Committee Bill Shuster, and former Vice-Chairman of the House Republic Conference Jack Kingston discuss their insights and perspectives on President Biden’s American Jobs Plan and how it could affect the transportation industry with Jane Garvey, North America Chairman of Meridiam Infrastructure, Robert (Bob) Poole, Director of Transportation Policy, Reason Foundation, and Robert (Rob) Puentes, President and CEO of the Eno Center for Transportation we have some good news! You can watch the recording of the webinar here!

During the webinar a Wall Street Journal article regarding how the private section is helping fund infrastructure developments through Public-Private Partnerships (P3) financing is discussed. We are including the article here for your reference as you watch!

Moving on from LIBOR (Update)

By Sandy MacLennan on April 15, 2021 Posted in Reissuance

Amid the world’s turmoil, we can take comfort in the persistent march of long-foretold events. Keeping to their pre-pandemic promises (at least partially), the Federal Reserve and U.K. regulators[1] of LIBOR have reaffirmed their plans to cease publication of the one-week and two-month LIBORs by the end of 2021. Issuers, holders, and counterparties are slowly and grudgingly waking up to this reality. How are they responding? Continue Reading

Biden’s Script for the American Jobs Plan and a Leading Role Goes to Infrastructure – What Does that Mean For Transportation? Squire Patton Boggs (and Friends) Will Tell You

By Squire Patton Boggs on April 6, 2021 Posted in Blog Announcements, Breaking News, General, Shameless Self-Promotion

On the 396^th day of March, 2020 (or March 31, 2021 for those who have returned to some semblance of normalcy), President Joe Biden outlined his vision for a new economy. Specifically, President Biden focused on the American Jobs Plan as a $2.25 trillion investment in the United States that “will create millions of good jobs, rebuilding our country’s infrastructure, and position the US to out-compete China.”

Ambitious climate policies are a major focus of the President’s vision for this massive infrastructure bill, which aims at rebuilding and developing both the US physical and technological infrastructure, creating jobs, and bolstering resilience. The impact on the transportation sector will undoubtedly be substantial.

Come Hear Rep. Bill Shuster and Secretary Rodney Slater Discuss Infrastructure on March 15th

By Squire Patton Boggs on March 10, 2021 Posted in Blog Announcements, Breaking News, Legislation, Shameless Self-Promotion

We invite you to listen to our colleagues, Rep. Bill Shuster, former Chairman of the House Transportation and Infrastructure Committee, and Secretary Rodney Slater, former U.S. Secretary of Transportation, in conversation with Paul Burton of The Bond Buyer about the prospects for federal infrastructure legislation.

The conversation will happen next Monday, March 15, at 12:30 pm eastern. You can register for free (even if you are not a subscriber to The Bond Buyer, although you should probably fix that) by clicking the link here.

As the likelihood that Congress will pass infrastructure legislation with tax-advantaged bond provisions appears greater than it has in many years, this conversation is one you won’t want to miss.

We’ll have much more to say about that topic as the legislative text crystallizes over the coming months.

(And, as always, we exhort you to Live Every Week Like It’s Infrastructure Week.)

In Support of the Fiscal Pleasure Restoration Act of 2021

By Squire Patton Boggs on February 11, 2021 Posted in Advance Refundings, Shameless Self-Promotion

Our own Mike Cullers was quoted in Law360 on Wednesday in an article about re newed hope for a full restoration of tax-exempt advance refundings of tax-advantaged bonds after their repeal by the TCJA. The article describes the renewed optimism in the muni bond community that tax-exempt advance refundings can be restored, precipitated by the confirmation of Mayor Pete as Transportation Secretary.

As you have probably seen by now, Mr. Buttigieg made clear in his Senate confirmation hearing that he, like Brother Cullers, is a man of refined taste who appreciates the great pleasures of life (fine scotch, advance refundings for debt service savings, etc.). (Other similarities: neither man is a cat.)