TITLE

IRS Refunding Proposals Raise Concerns With Lawyers

AUTHOR(S)
Duff, Susanna
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/12/2003, Vol. 344 Issue 31633, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Issuers and bond counsel may face increased burdens under proposed regulations the U.S. Internal Revenue Service will publish on that would mandate how issuers calculate private-activity use and payments for refunding bonds, lawyers said May 9, 2003.Because the private-business use and payments are averaged over the life of a bond, an issuer may exceed 10 1241328n the first several years but still keep its tax-exempt status by reducing use and payments in later years.Mitch Rapaport, the National Association of Bond Lawyers tax committee chairman and a tax partner with Nixon Peabody here, said the proposed rules are reasonable because they would stop issuers who purposely refund a bond they have front loaded with private business in order to get a clean slate.Attorneys emphasized that they had not seen the regulations and had only read an article about them in The Bond Buyer that was based on a description that Steve Watson, an associate tax legislative counsel for the Treasury Office of Tax Policy, gave in remarks to the Council of Infrastructure Financing Agencies' conference here as of May 15, 2003.
ACCESSION #
9845653

 

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