Legal and Finance Updates

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On November 10, 2021, the IRS released Rev. Proc. 2021-45 setting forth calendar year 2022 methodologies for establishing private activity bonds volume cap (state ceiling) as well as brokerage commissions on guaranteed investment contracts or investments purchased for a yield restricted defeasance escrows, such as those often used in housing and other community-oriented private activity bonds.

For calendar year 2022, the amounts used under § 146(d) of the Internal Revenue Code to calculate the state ceiling for the volume cap…
Continue Reading IRS Sets Releases New Rules For Private Activity Municipal Bonds

Raymond C. Headen will be appearing with a panel of national experts, including JobsOhio General Counsel Don Grubbs, for two economic development and public finance seminars to be released in mid-September 2021. For those who are lawyers, you can receive 1 hr. CLE credit.

Economic Development Law and Regulation – Land Use Planning and Corporate Site Location

  • What role does land use planning play in the corporate site location process?
  • How can land use master plans simplify the corporate site

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Continue Reading Taft Attorney Raymond C. Headen to appear in National Economic Development and Public Finance Seminar – Filming Dates in August 2021 and Program Release Dates in September 2021

The U.S. Treasury and the Internal Revenue Service have once again extended the temporary guidance that was originally provided in Rev. Proc. 2020-21, published in May of 2020 during the COVID pandemic. That temporary guidance allowed issuers of private activity bonds to hold the public hearings required by the TEFRA rules by teleconference until December 31, 2020. The release on November 4, 2020 of Rev. Proc. 2020-49 extends the period during which issuers may hold telephonic hearings to September 30,…
Continue Reading Extension of Ability to Hold Telephonic TEFRA Hearings

Re-instatement of tax-exempt advance refunding bonds is being re-introduced in the new Congress. It has bi-partisan support and has favorable odds of being signed into law this year. The legislation has been named the LOCAL Infrastructure Act with LOCAL serving as an acronym for Lifting Our Communities through Advance Liquidity. Under current federal tax laws, governments may only issue taxable advance refunding bonds.

Municipal Finance Industry SIFMA President and CEO Kenneth Bentsen, Jr. called the reintroduction of the Wicker-Stabenow advance…
Continue Reading Senate bill for advance refunding kicks off public finance bill introductions in Congress.

If you own property on Lake Erie’s shoreline and are experiencing erosion problems, if you own your home or if commercial or industrial building is in need of energy efficiency upgrades such as lighting and building controls, building envelope (roofing, windows, etc.) HVAC, boilers and chillers, compressors, motors and drives, refrigeration, waste energy recovery or if you are interested in renewable generation such as solar or wind energy, expect an uptick in activity that will help you finance and pay…
Continue Reading Lakeshore Erosion Control, Energy Efficiency and Renewable Energy Upgrades to Pick Up as a Result of Ohio PACE (Property Assessed Clean Energy) Law Change Effective April 21.