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Public Finance Matters Updates on recent public finance and municipal bond developments

Tag Archives: issue price

Treasury/IRS Provide Early Holiday Present: Final “Issue Price” Regulations Released

Posted in Tax/arbitrage

By CHRISTIE MARTIN and MAXWELL D. SOLET After two sets of proposed regulations, Treasury and IRS have now released final regulations on the definition of “issue price” for purposes of arbitrage investment restrictions that apply to tax-advantaged bonds (the “Final Regulations”) and it appears that the third time’s the charm. Practitioners are particularly praising the… Continue Reading

IRS Revamps Proposed Issue Price Definition for Municipal Bonds

Posted in Tax/arbitrage

By MAXWELL SOLET and CHRISTIE MARTIN Treasury and IRS today announced a decision to withdraw the much-criticized portion of the notice of proposed rulemaking published in the Federal Register on September 16, 2013 (the “2013 Proposed Regulations”) related to the definition of issue price for tax-advantaged obligations and to propose a revised definition of issue… Continue Reading

Recent Developments Regarding Issuer Responsibility for Reviewing Initial Offering Prices of Bonds

Posted in Tax/arbitrage

BY JEREMY SPECTOR Following the advent of Build America Bonds (BABs) in 2009 and securities law rulemaking that has resulted in the posting of virtually instantaneous trading data on the EMMA website (msrb.emma.org) hosted by the Municipal Securities Rulemaking Board (MSRB), the IRS has repeatedly expressed concerns about how initial offering prices (a/k/a “issue prices”)… Continue Reading