Attorneys Testify on Tribal Bond Confusion

McConnell, Alison L.
May 2006
Bond Buyer;5/24/2006, Vol. 356 Issue 32389, p1
Trade Publication
This article reports that the attorneys and academics of the United States have stated that the U.S. Internal Revenue Service audits and ambiguities in the federal tax code continue to hamstring Indian tribal governments' efforts to finance capital needs. Senator Gordon Smith, chairman of the Senate Finance Committee's subcommittee on long-term growth and debt reduction said that a legislative "fix" by way of congressional action is the best way to correct problems in the sector. He also said that under current tax code rules tribes are treated as states for purposes of tax-exempt bond issuance only if the bonds they sell are used in the exercise of an essential government function.


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