Panel Offers TOB Market Some Safety

Ferris, Craig T.
May 2003
Bond Buyer;5/12/2003, Vol. 344 Issue 31633, p1
Trade Publication
The Senate Finance Committee added language to its $350 billion tax-cut bill last week that is designed to protect tax-exempt tender-option bond programs and should help alleviate concern that new legislation could put a crimp in the TOB business, valued as high as $75 billion.House Ways and Means Committee chairman William Thomas, R-Calif., introduced legislation 10 months ago that sought to limit the use of offshore tax havens, such as Bermuda, and contained broad language that could allow the IRS to tax some of the income generated by tax-exempt TOB programs.While Thomas's bill, the American Competitiveness and Corporate Accountability Act of 2002, died when the 107th Congress adjourned late last year, the provision affecting TOBs could be added to a tax measure this year, such as the tax-cut bill or a pending international tax bill.While there is no corresponding provision in the House tax-cut bill, the measure's inclusion in the finance committee's bill means it is almost certain to be included in the final Senate bill and will be a subject for negotiation when the House and Senate attempt to hammer out a final tax-cut bill, sources said.


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